Heerlen, NL, 27 Feb 2014 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 27 February 2014, in order to cover its commitments under existing management and personnel option plans. Based on the closing price of the DSM share on Euronext Amsterdam on 26 February 2014 this would be equivalent to approximately €120 million.
This share repurchase program is anticipated to continue into Q2 2014 and is the second and final part of a program to repurchase 5 million shares in total, which was announced in September 2013. On 21 January 2014 DSM concluded the first part of this program under which 2,500,000 ordinary shares were repurchased for a total consideration of €139 million.
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 be on average 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.