Philips Lighting, a global leader in lighting, announced it has completed its previously announced share buyback program and the cancellation of 3.5 million of its own shares.

(Image: Philips Lighting)

The company repurchased a total of 1.05 million shares for a total consideration of EUR 34.90 million in the period May 22, 2017 to and including July 27, 2017. The purpose of the buyback program was to cover obligations arising from its long-term incentive performance share plan and other employee share plans. The company will hold the repurchased shares in treasury until employee share awards are vested. 

Philips Lighting also completed the cancellation of 3.5 million shares that it repurchased from its majority shareholder Royal Philips on April 25, 2017 for an aggregate amount of EUR 101 million. 

After completion of the share buyback and cancellation of the 3.5 million shares, Philips Lighting’s issued share capital consists of 143 million ordinary shares, including 1.05 million shares held in treasury. Philips Lighting now holds 0.73% of its own issued shares. The company notified the Netherlands Authority for the Financial Markets (AFM) of the change in its issued share capital and that the company’s interest in its own shares has fallen below 3%.

More details on the share buyback transactions can be found here.