HEERLEN, Netherlands, March 14, 2019
HEERLEN, Netherlands, March 14, 2019 /PRNewswire/ --
Royal DSM, a global science-based company in Nutrition, Health and Sustainable Living,today announces that it will commence the repurchase of ordinary shares with an aggregate market value of €1 billion starting 1 April 2019, with the intention to reduce its issued capital, as first announced on 14 February 2019.
In addition, DSM announces the repurchase of 2,600,000 ordinary shares: 800,000 ordinary shares to cover commitments under share-based compensation plans and 1,800,000 ordinary shares to cover commitments for stock dividend, equivalent to approximately €0.25 billion based on the closing price of the DSM ordinary share on Euronext Amsterdam on 13 March 2019.
The share buy-back will be executed within the limitations of the authority granted to the Managing Board by the Annual General Meeting (AGM). Based on the closing price of the DSM ordinary share on Euronext Amsterdam on 13 March 2019 this share buy-back would be equivalent to approximately €1.25 billion and the total number of ordinary shares to be repurchased under this program represents approximately 7.1% of ordinary shares issued.
DSM has signed a Discretionary Management Agreement with a bank to commence the execution of the share buy-back program and to make trading decisions under the Agreement independently of DSM.
In accordance with regulations DSM will inform the market about the progress made in the execution of this program through weekly press releases. The share repurchase program is anticipated to continue into Q2 2020.
DSM - Bright Science. Brighter Living.™
Royal DSM is a purpose-led global science-based company in Nutrition, Health and Sustainable Living. DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative business solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. DSM and its associated companies deliver annual net sales of about €10 billion with approximately 23,000 employees. The company is listed on Euronext Amsterdam. More information can be found at http://www.dsm.com.
This press release may contain forward-looking statements with respect to DSM's future (financial) performance and position. Such statements are based on current expectations, estimates and projections of DSM and information currently available to the company. DSM cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. DSM has no obligation to update the statements contained in this press release, unless required by law. The English language version of the press release is leading.
For more information:
DSM Media Relations
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