The authority granted is irrevocable and non-discretionary, and during the Close Period the Board has no power to invoke any changes to the authority and any purchases will be undertaken at the sole discretion of Panmure Gordon (UK) Limited.
The Programme will be conducted within certain pre-set parameters and will be carried out in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. This arrangement is in accordance with the Company's general authority to repurchase shares.