Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it is initiating a share repurchase program for an amount of up to EUR 150 million to cover its obligations arising from its long-term incentive and employee stock purchase plans.
This program commences on October 30, 2017 and is expected to be completed before December 31, 2017. At the current share price, this program represents a total of approximately 4.28 million shares. Philips will provide weekly updates on the progress of the program. Further details are available via this link.
Philips will hold the repurchased shares in treasury until the shares are to be delivered. The program will be executed by an intermediary to allow for buybacks in the open market during both open and closed periods, in accordance with the Market Abuse Regulation and within the limits of the authorization granted by the company’s General Meeting of Shareholders on May 11, 2017.
In parallel, Philips is conducting the EUR 1.5 billion share buyback program for capital reduction purposes, which was announced on June 28, 2017. Philips started this program in the third quarter of 2017 and intends to complete it in two years. Philips intends to cancel all of the shares acquired under this program. Details about the transactions can be found via this link.