Signify announced its start of the share repurchase program which plans to buy back up to EUR 230 million (US$ 269.59 million) of its own shares to reduce the company’s capital.

The program was scheduled to begin on July 30 2018 and to finish by the end of the year. The repurchase program will be executed by an intermediary to allow for share repurchases in the open market during both open and closed periods and is within the limits of the authority granted by the Annual General Meeting of Shareholders on May 15, 2018.

At the current share price, the repurchase program represents a total of approximately 9.9 million shares or 7.2 percent of the company’s issued share capital. Signify intends to cancel the repurchased shares.

For 2018, the company intends to repurchase shares for an amount of up to EUR 300 million (US$ 351.64 million). In February 2018, Signify has repurchased 2.2 million of its shares for EUR 71 million (US$ 83.22 million). These shares were cancelled in May 2018.

(Image: Signify)