Eindhoven, the Netherlands – Philips Lighting (Euronext: LIGHT), the world leader in lighting, today announced the start of a program to repurchase up to 1.5 million of its own shares. Philips Lighting will use the shares to cover obligations arising from its long-term incentive performance share plan and other employee share plans.
The program will start on May 2, 2018 and is expected to be completed within the second quarter. The 1.5 million shares intended to be bought represent approximately 1.1% of the company’s issued share capital. At the current share price, the repurchase program represents a total value of approximately EUR 38 million.
Philips Lighting will hold the repurchased shares in treasury until employee share awards are vested. The program will be executed by an intermediary to allow for share repurchases in the open market during both open and closed periods. The program will be executed within the limits of relevant laws and regulations and the authority granted by the Annual General Meeting of Shareholders on May 9, 2017.
Philips Lighting will update the market on the progress of the share repurchase program in weekly press releases. This information will also be published on the company’s website.