Eindhoven, the Netherlands – Signify (Euronext: LIGHT), the world leader in lighting, today 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.
The program is in line with Signify’s announcement of July 27, 2018 and will start on July 30, 2018. It is expected to be completed by the end of 2018. At the current share price, the repurchase program represents a total of approximately 9.9 million shares or 7.2% of the company’s issued share capital. Signify intends to cancel the repurchased shares.
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.
Signify will provide updates on the progress of the repurchase program each week via a press release which will be published on the Signify website.