Nokia accelerates its share buybacks
July 19 2024 - 9:00AM
UK Regulatory
Nokia accelerates its share buybacks
Nokia Corporation
Stock Exchange Release
19 July 2024 at 16:00 EEST
Nokia accelerates its share buybacks
Espoo, Finland – Nokia Corporation ("Nokia" or the "Company") has
on 18 March 2024 announced the first phase of its share buyback
program and, in line with the announcement made on 18 July 2024,
has today decided to accelerate its share buybacks by increasing
the number of shares to be repurchased during the year 2024.
The main terms of the ongoing phase of the share buyback program
post-increase:
- The aggregate
purchase price of all Nokia shares to be acquired shall not exceed
EUR 600 million (an increase from the initially announced EUR 300
million). As repurchases for an aggregate purchase price of
approximately EUR 132 million have already been executed in 2024,
the aggregate purchase price for shares to be acquired during the
remainder of the year is approximately EUR 468 million.
- The post-increase
repurchases will start at the earliest on 22 July 2024 and end by
31 December 2024.
- The purpose of the
repurchases is to optimize Nokia's capital structure through the
reduction of capital. The repurchased shares will be cancelled
accordingly. The repurchases will be funded using funds in the
reserve for invested unrestricted equity and the repurchases will
reduce total unrestricted equity.
- The repurchases are
based on the authorization granted by Nokia's Annual General
Meeting on 3 April 2024. The maximum number of shares that can be
repurchased under the program is 400 million shares (an increase
from the initially announced 200 million shares) corresponding to
approximately 7 % of the total number of shares in Nokia.
- The shares will be
acquired through public trading on the regulated market of Nasdaq
Helsinki and select multilateral trading facilities. No repurchases
will be made in the United States. Nokia has appointed a
third-party broker as the lead-manager for the buyback program. The
lead-manager will make trading decisions independently of and
without influence from Nokia. The repurchases will be carried out
in accordance with the so-called safe harbour rules referred to in
Article 5 of the EU Market Abuse Regulation (EU N:o 596/2014).
- The price payable
per share shall be determined in public trading on the relevant
trading venue at the time of the repurchase, in compliance with the
price and volume limits applicable under the safe harbour
rules.
Nokia may terminate the program prior to its scheduled end date
and will in such case issue a stock exchange release to this
effect.
About Nokia
At Nokia, we create technology that helps the world act
together.
As a B2B technology innovation leader, we are pioneering
networks that sense, think and act by leveraging our work across
mobile, fixed and cloud networks. In addition, we create value with
intellectual property and long-term research, led by the
award-winning Nokia Bell Labs.
Service providers, enterprises and partners worldwide trust
Nokia to deliver secure, reliable and sustainable networks today –
and work with us to create the digital services and applications of
the future.
Inquiries:
Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications
Nokia
Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
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