DSM commences €1 billion share buy-back and announces regular repurchase to cover share plans and stock dividend
In addition, DSM announces the repurchase of 2,600,000 ordinary shares: 800,000 ordinary shares to cover commitments under share-based compensation plans and 1,800,000 ordinary shares to cover commitments for stock dividend, equivalent to approximately €0.25 billion based on the closing price of the DSM ordinary share on Euronext Amsterdam on 13 March 2019.
The share buy-back will be executed within the limitations of the authority granted to the Managing Board by the Annual General Meeting (AGM). Based on the closing price of the DSM ordinary share on Euronext Amsterdam on 13 March 2019 this share buy-back would be equivalent to approximately €1.25 billion and the total number of ordinary shares to be repurchased under this program represents approximately 7.1% of ordinary shares issued.
DSM has signed a Discretionary Management Agreement with a bank to commence the execution of the share buy-back program and to make trading decisions under the Agreement independently of DSM.
In accordance with regulations DSM will inform the market about the progress made in the execution of this program through weekly press releases. The share repurchase program is anticipated to continue into Q2 2020.