Eindhoven, the Netherlands – Signify (Euronext: LIGHT), the world leader in lighting, today announced the start of a program to repurchase up to 240,000 of its shares. Signify 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 June 4, 2019 and is expected to be completed within the second quarter. The 240,000 shares intended to be repurchased represent approximately 0.2% of the company’s issued share capital. At the current share price, the repurchase program represents a total value of approximately EUR 6 million.
Signify 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 14, 2019.
Signify 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.