This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Resolution 15: Purchase of own shares by the Company
This Resolution would renew the authority for the Company to purchase its own shares in the market, up to a limit of 10% of the issued Ordinary Shares, in the period up to the Annual General Meeting in 2008. The minimum and maximum prices for such a purchase are set out in the Resolution. The Directors would only exercise this authority if they were satisfied that such a purchase would result in an increase in expected Earnings Per Share, and would be in the interests of Shareholders generally. Any shares purchased under this authority would be cancelled. The Board does not intend that any such shares would be held as Treasury Shares.
There are outstanding options to subscribe for a total of 10,620,958 shares in the Company. That number of shares represents 0.89% of the Companys existing issued share capital. If the Company were to exercise in full the authority to purchase its own shares proposed in Resolution 15, the 10,620,958 shares for which there are outstanding options to subscribe would represent 0.99% of the Companys existing issued share capital, as reduced by those purchases.
Re-election of Directors