HEERLEN, the Netherlands, November 4, 2016 /PRNewswire/ --
Royal DSM, a global science-based company active in health, nutrition and materials, today announces that it intends to repurchase up to 1,700,000 ordinary shares, starting on 4 November 2016, 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 3 November 2016 this would be equivalent to approximately €93 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 8% of the daily trading volume on the open market, within a bandwidth of 5-10% per day. This share repurchase program is anticipated to be concluded in Q4 2016. The maximum number of shares to be repurchased under this program represents approximately 0.9% of ordinary shares issued.
In accordance with regulations DSM will inform the market about the progress made in the execution of this program through weekly press releases.
DSM - Bright Science. Brighter Living.™
Royal DSM is a global science-based company active in health, nutrition and materials. By connecting its unique competences in life sciences and materials sciences DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders simultaneously. DSM delivers innovative solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials. DSM and its associated companies deliver annual net sales of about €10 billion with approximately 25,000 employees. The company is listed on Euronext Amsterdam. More information can be found at http://www.dsm.com.
This press release may contain forward-looking statements with respect to DSM's future (financial) performance and position. Such statements are based on current expectations, estimates and projections of DSM and information currently available to the company. DSM cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. DSM has no obligation to update the statements contained in this press release, unless required by law. The English language version of the press release is leading.
SOURCE Royal DSM NV