Latest News

Signify Updates Repurchase Program

Following its earnings report, Signify (formerly Philips) announced last May that it was starting a stock repurchase program with a goal of buying back between 230-300 million Euros (between $267-$349 million U.S. dollars). The money would be used to reduce the company’s capital.

Below is the press release provided by Signify, and the updates it provides on a regular basis on its website.

Given the company’s capital position while maintaining a compatible investment-grade profile, Signify plans to return additional capital to shareholders. For 2018, the company intends to repurchase shares for an amount of up to EUR 300 million, in the open market and by participating in potential share disposals by its main shareholder. In July 2018, Signify announced the start of the share repurchase program to buy back up to EUR 230 million of its own shares to reduce the company’s capital. In February 2018, Signify repurchased 2.2 million of its shares for an aggregate amount of EUR 71 million. These shares were cancelled in May 2018. In 2017, Signify repurchased 9.8 million shares from Royal Philips for an aggregate amount of EUR 272 million. These shares were cancelled. The press releases related to our share repurchases can be found on our regulatory news page.

The program will be executed by an intermediary to allow for share repurchases in the open market during both open and closed periods and is within the limits of the authority granted by the Annual General Meeting of Shareholders on May 15, 2018.

The latest update from Signify, dated September 10, shows Signify has repurchased nearly 2.7 million shares, worth 64.2 million Euro (approximately $74.7 million U.S. dollars). Signify updates the program weekly, which you can follow here.

 

Tagged with

Comment on the story

Your email address will not be published. Required fields are marked *