Philips Lighting announced that it has repurchased 154,000 shares in the period May 2, 2018 to May 4, 2018. The shares were repurchased at an average price of EUR 26.54 per share and an aggregate amount of EUR 4.09 million.
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(Image: Philips Lighting) |
These repurchases were made as part of the company’s repurchase program, which was announced on May 2, 2018. Philips Lighting will use the shares to cover obligations arising from its long-term incentive performance share plan and other employee share plans.
Share repurchases by participating in potential share disposals of Royal Philips
Given the company’s capital position while maintaining a compatible investment-grade profile, Philips Lighting has and plans to return additional capital to shareholders. In 2017, Philips Lighting repurchased 9.8 million shares from Royal Philips for an aggregate amount of EUR 272 million. These shares were cancelled. For 2018, the company intends to repurchase up to EUR 150 million by participating in share disposals of Royal Philips.
In February 2018, Philips Lighting repurchased 2.2 million of its shares for an aggregate amount of EUR 71 million. The press releases related to our share repurchases by participating in share disposals of Royal Philips can be found on our regulatory news page.
Share repurchases to cover performance share plans 2018
On May 2, 2018, Philips Lighting has announced the start of a program to repurchase up to 1.5 million of its own shares. The purpose of the share repurchase is to cover obligations arising from its long-term incentive performance share plan and other employee share plans. The program started on May 2, 2018 and is expected to be completed within the second quarter of 2018. The 1.5 million shares intended to be bought represent approximately 1.1% of the company’s issued share capital.
Philips Lighting will hold the repurchased shares in treasury until employee share awards are vested. The program will be executed by an intermediary to allow for share repurchases in the open market during both open and closed periods. The program will be executed within the limits of relevant laws and regulations and the authority granted by the Annual General Meeting of Shareholders on May 9, 2017.