Philips to repurchase up to 3.2 million shares to cover long-term incentive and employee stock purchase plans
On June 13, 2022, Royal Philips (NYSE: PHG) announced a share buyback plan to repurchase up to 3.2 million shares, amounting to approximately EUR 68 million. This initiative aims to cover obligations from its long-term incentive and employee stock purchase plans. The buyback transactions are anticipated in the second and third quarters of 2022, following the company's shareholder authorization. Philips expects to complete share delivery by 2024, signaling confidence in its stock management strategy.
- Share buyback of up to 3.2 million shares reflects confidence in stock value.
- Repurchase plan demonstrates commitment to shareholder value.
- None.
June 13, 2022
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it will repurchase up to 3.2 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 68 million.
The repurchases will be executed through one or more individual forward transactions, expected to be entered into in the second and/or the third quarter of 2022, 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 10, 2022. Philips expects to take delivery of the shares in 2024. Further details will be available via this link.
For further information, please contact:
Ben Zwirs
Philips Global Press Office
Tel.: +31 6 1521 3446
E-mail: ben.zwirs@philips.com
Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@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, 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 generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 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.
FAQ
What is the purpose of Philips' share buyback plan announced on June 13, 2022?
How much is Philips planning to spend on the share buyback?
When does Philips expect to complete the share buyback transactions?
When will Philips take delivery of the repurchased shares?
