Pennon Group Plc (LSE:PNN) commences share repurchases on July 23, 2021, under the program mandated by the shareholders in the Annual General Meeting held on July 22, 2021. As per the mandate, the company is authorized to repurchase up to 42,183,689 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is the nominal value of the share. The maximum price which may be paid for each ordinary share purchased under this authority shall not be more than the higher of an amount equal to 105% of the average of the middle market quotations for such ordinary shares as derived from the London stock exchange daily official List for the five business days immediately preceding the day on which that ordinary share is purchased and/or amount equal to the higher of the price of the last independent trade of an ordinary share and the highest current independent bid for an ordinary share on the trading venue where the purchase is carried out. This authority will, unless previously varied, revoked or renewed, expire at the conclusion of the next AGM of the Company or, if earlier, on October 1, 2022.