Heerlen, NL, 06 Nov 2013 08:15 CET
Royal DSM, the global Life Sciences and Materials Sciences company, announced today that it intends to repurchase 2,500,000 ordinary shares, starting on 6 November 2013, in order to cover its commitments under existing management and personnel option plans. Based on the closing price of the DSM share on NYSE Euronext on 5 November 2013 this would be equivalent to approximately €140 million.
This share repurchase program is anticipated to continue into Q1 2014 and is the first part of a program to repurchase 4-5 million shares in total, which was announced in September 2013.
DSM has signed a Discretionary Management Agreement with the bank that will execute the repurchase. The repurchase price will be based on the daily VWAP (Volume Weighted Average Price). Volumes to be repurchased will on average be 5% of the daily trading volume on Euronext Amsterdam, within a bandwidth of 2-8% per day.
In accordance with the present regulations DSM will inform the market about the progress made in the execution of this program through weekly press releases.