Philips to repurchase up to 6 million shares to cover long-term incentive and employee stock purchase plans
January 29 2020 - 2:00AM
Philips to repurchase up to 6 million shares to cover long-term
incentive and employee stock purchase plans
January 29, 2020
Amsterdam, the Netherlands – Royal Philips
(NYSE: PHG, AEX: PHIA) today announced that it will repurchase up
to 6 million shares to cover certain of its obligations arising
from its long-term incentive and employee stock purchase plans. At
the current share price, the shares represent an amount of up to
approximately EUR 260 million.
The repurchases will be executed through one or more individual
forward transactions, to be entered into in the course of the first
half of 2020, 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 9, 2019. Further
details will be available via this link. Philips will hold the
repurchased shares in treasury until the shares are to be
delivered.
Periodic update on transaction details related to
Philips’ share repurchasesPhilips is also conducting a EUR
1.5 billion repurchase program for capital reduction purposes,
which was announced on January 29, 2019. Under this program, a
total of 194,991 of its own common shares were repurchased in the
period from January 24, 2020 up to and including January 27, 2020,
with a weighted average purchase price of EUR 45.14. Further
details can be found via this link.
For further information, please contact:
Ben ZwirsPhilips Global Press OfficeTel.: +31 6 15213446E-mail:
ben.zwirs@philips.com
Leandro MazzoniPhilips Investor RelationsTel.: +31 20 59
77222E-mail: leandro.mazzoni@philips.com
About Royal PhilipsRoyal Philips (NYSE: PHG,
AEX: PHIA) is a leading health technology company focused on
improving people's health and enabling better outcomes across the
health continuum from healthy living and prevention, to diagnosis,
treatment and home care. Philips leverages advanced technology and
deep clinical and consumer insights to deliver integrated
solutions. Headquartered in the Netherlands, the company is a
leader in diagnostic imaging, image-guided therapy, patient
monitoring and health informatics, as well as in consumer health
and home care. Philips' health technology portfolio generated 2019
sales of EUR 19.5 billion and employs approximately 80,000
employees with sales and services in more than 100 countries. News
about Philips can be found at www.philips.com/newscenter.
Forward-looking statements This release
contains certain forward-looking statements with respect to the
financial condition, results of operations and business of Philips
and certain of the plans and objectives of Philips with respect to
these items. Examples of forward-looking statements include
statements made about the strategy, estimates of sales growth,
future EBITA, future developments in Philips’ organic business and
the completion of acquisitions and divestments. By their nature,
these statements involve risk and uncertainty because they relate
to future events and circumstances and there are many factors that
could cause actual results and developments to differ materially
from those expressed or implied by these statements.
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