Philips to repurchase shares for up to EUR 125 million to cover long-term incentive plans
August 05 2024 - 6:00AM
UK Regulatory
Philips to repurchase shares for up to EUR 125 million to cover
long-term incentive plans
August 5, 2024
Amsterdam, the Netherlands – Royal Philips
(NYSE: PHG, AEX: PHIA) today announced that it will repurchase
shares for an amount of up to EUR 125 million to cover certain of
its obligations arising from its long-term incentive plans. At the
current share price, this represents a total of approximately 4.8
million shares.
The repurchases will be executed through a combination of
forward transactions and open market purchases with a financial
institution. Philips expects to take delivery of the forward share
purchases in 2026. The open market purchases will be executed in Q3
2024 by an intermediary to allow for share purchases during both
open and closed periods. All repurchases will be executed in
accordance with the EU Market Abuse Regulation and within the
limits of the authorization granted by the company’s General
Meeting of Shareholders on May 7, 2024.
Updates on the progress of the program and further details will
be made available via this link and through press releases as
appropriate.
For further information, please
contact:
Ben Zwirs
Philips External Relations
Tel.: +31 6 1521 3446
E-mail: ben.zwirs@philips.com
Dorin Danu
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: dorin.danu@philips.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology
company focused on improving people's health and well-being through
meaningful innovation. Philips’ patient- and people-centric
innovation leverages advanced technology and deep clinical and
consumer insights to deliver personal health solutions for
consumers and professional health solutions for healthcare
providers and their patients in the hospital and the home.
Headquartered in the Netherlands, the company is a leader in
diagnostic imaging, ultrasound, image-guided therapy, monitoring,
and enterprise informatics, as well as in personal health. Philips
generated 2023 sales of EUR 18.2 billion and employs approximately
68,700 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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