Sell or hold for a better price, page-23

The company buys back shares at its own discretion. They are not obliged to buy and they will determine what price they want to buy at and how many on a day by day basis. Companies have a view as to what constitutes an under-valued share price and will buy at or below that. My observation from other such schemes is that it usually results in supporting a limit at the the low end rather than raising the price. As Dewey has indicated, market forces can over-ride such a limit and company performance has a stronger impact. Sometimes companies indicate that they will intervene on the market if the share price falls a certain percentage below a valuation measure, such as Price to NTA, PE etc. That means there is no fixed price that they will buy at but it will move as the company value moves.
I do not know how IPH will approach its buy-back plan but you will always be told when they have bought and how much, on a daily basis.