Johnson Matthey Plc (LSE:JMAT) commences share repurchases on December 21, 2021, under the program mandated by the shareholders in the Annual General Meeting held on July 29, 2021. As per the mandate, the company is authorized to repurchase up to 19,353,343 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £1.19 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash or used to meet the company’s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or if earlier on October 29, 2022. As of July 29, 2021, the company had 193,533,430 ordinary shares in issue and as of June 1, 2021, the company had 5,407,176 ordinary shares in treasury. On November 18, 2021, the company announced a share repurchase program. Under the program, the company will repurchase £200 million worth of shares. The purpose of the program is to return excess capital (including proceeds from the sale of AGT) to shareholders. The repurchases may commence in the New Year, which is from 2022. On December 21, 2021, the company launched the first tranche of the program of up to £100 million. The Company has entered into an irrevocable, non-discretionary agreement with Citigroup Global Markets Ltd. Ordinary shares purchased under the program will be held in treasury. The purpose of the program is to enable the company to meet obligations arising from employee share option programs, or other allocations of shares to employees of the company. The program will end no later than March 8, 2022