Philips completes cancellation of 8.8 million shares
Royal Philips (NYSE: PHG) has successfully completed the cancellation of 8,758,455 shares as part of a EUR 1.5 billion share repurchase program initiated on July 26, 2021.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Royal Philips (NYSE: PHG) has successfully completed the cancellation of 8,758,455 shares as part of a EUR 1.5 billion share repurchase program initiated on July 26, 2021. This reduction in shares will adjust the issued share capital to EUR 177,863,016.40, representing 889,315,082 common shares. Philips plans to deliver an additional 19,571,218 shares through early settlement of forward contracts for cancellation, projecting 869,743,864 issued shares by year-end 2022. This strategic move aims to support capital reduction initiatives.
Positive
- Completion of 8,758,455 shares cancellation supports capital reduction strategy.
- Share repurchase program of EUR 1.5 billion demonstrates commitment to shareholder value.
Negative
- None.
Details
News Market Reaction – PHG
The recorded move for PHG in the trading session of this news was -1.13%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
July 4, 2022
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG; AEX: PHIA) today announced that it has completed the cancellation of 8,758,455 of its shares. The cancelled shares were acquired as part of the EUR 1.5 billion share repurchase program for capital reduction purposes that was announced on July 26, 2021.
Philips’ current issued share capital amounts to EUR 177,863,016.40 representing 889,315,082 common shares. As communicated earlier, Philips intends to have 19,571,218 shares delivered through the early settlement of forward contracts (entered into as part of the same share repurchase program) and to cancel those as well, which would result in 869,743,864 issued common shares at year-end 2022 (2021: 883,898,969).
More information is available here.
For further information, please contact:
Ben Zwirs
Philips Global Press Office
Tel.: +31 6 15213446
E-mail: ben.zwirs@philips.com
Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
Forward-looking statements
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.