By Royal DSM
Royal DSM, a global science-based company active in health, nutrition and materials, today announces that it intends to repurchase 500,000 ordinary shares, starting on 19 March 2018, in order to cover commitments under share based compensation plans and 1,100,000 ordinary shares, starting on 14 May 2018, in order to cover commitments for stock dividend as part of the final dividend 2017. Based on the closing price of the DSM share on Euronext Amsterdam on 16 March 2018 this would be equivalent to approximately €130 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 the open market, within a bandwidth of 2-8% per day. The total share repurchase program is anticipated to continue into Q2 2018. The total number of shares to be repurchased under this program represents approximately 0.9% of ordinary shares issued.
In accordance with financial market regulations DSM will inform the market about the progress made in the execution of this program through weekly press releases.
Compliments of Royal DSM, a member of the EACCNY