HEERLEN, Netherlands, March 2, 2020 /PRNewswire/ -- Royal DSM, a global science-based company in Nutrition, Health and Sustainable Living, announces the repurchase of 1,400,000 ordinary shares: 900,000 ordinary shares to cover commitments under share-based compensation plans and 500,000 ordinary shares to cover commitments for stock dividend, equivalent to approximately EUR142 million based on the closing price of the DSM ordinary share on Euronext Amsterdam on 28 February 2020.
The repurchase of 1,400,000 ordinary shares to cover share plans and stock dividend is in addition to the ongoing repurchase of shares to complete the EUR1 billion share buy-back. DSM announced on 14 February 2019 a repurchase of shares with an aggregate market value of EUR1 billion, with the intention to reduce its issued capital. In 2019 DSM has repurchased 5.4 million shares for a total consideration of EUR600 million under this program. DSM intends to repurchase the remaining EUR400 million during the first half year of 2020.
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 28 February 2020 this share buy-back would be equivalent to approximately EUR142 million and the total number of ordinary shares to be repurchased under this program represents approximately 0.8% of ordinary shares issued.
DSM has signed a Discretionary Management Agreement with a bank to execute the share buy-back program and to make trading decisions under the Agreement independently of DSM.
In accordance with regulations DSM informs the market about the progress made in the execution of this program through weekly press releases. The share repurchase program is anticipated to be finalized by end of June 2020.
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