Distribution Ltd is a private limited company that wishes to purchase some of its own shares from a shareholder who wishes to exit the business. The company has never previously purchased its own shares. The directors have called a general meeting to obtain the necessary authority. The shareholders have passed a resolution authorising the company to purchase up to 10,000 shares at a maximum price of £25 per share. The authority is to last for 3 years. However, the resolution did not specify the maximum number of shares that could be purchased or the date on which the authority would expire.