Nokia Corporation Nokia Completes The Share Buyback Program Launched In 2022
November 10 2023 - 3:15PM
UK Regulatory
TIDMNOKIA
Nokia Corporation
Stock Exchange Release
10 November 2023 at 22:15 EET
Nokia completes the share buyback program launched in 2022
Espoo, Finland -- Nokia Corporation ("Nokia" or the "Company")
has now completed the second phase of the share buyback program
announced in December 2022. Between 2 January 2023 and 10 November
2023, Nokia repurchased 78,301,011 of its own shares (FI0009000681)
at an average price per share of approximately EUR 3.83.
On 3 February 2022, Nokia announced that its Board of Directors
is initiating a share buyback program under the authorization
granted by Nokia's Annual General Meeting on 8 April 2021 to return
up to EUR 600 million of cash to its shareholders in tranches over
a period of two years. The purpose of the repurchases was to
optimize Nokia's capital structure through the reduction of
capital.
The first phase of the share buyback program started on 14
February 2022 and it was completed on 11 November 2022 with a
maximum aggregate purchase price of EUR 300 million. As announced
on 11 November 2022, under the first phase of the share buyback
program, Nokia repurchased 63,963,583 of its own shares, which were
cancelled on 8 December 2022 as announced by Nokia on that
date.
The second phase of the share buyback program started on 2
January 2023 under the authorization granted by Nokia's Annual
General Meeting on 5 April 2022 with a maximum aggregate purchase
price of EUR 300 million. This second phase and the whole share
buyback program have now been completed. The Board of Directors of
the Company will separately resolve on the cancellation of the
shares repurchased under the second phase of the program.
The repurchases under the second phase of the share buyback
program reduced the Company's unrestricted equity by EUR 300
million. Nokia Corporation now holds a total of 162,962,734
treasury shares.
The repurchases were executed otherwise than in proportion to
the existing shareholdings of Nokia's shareholders (directed
repurchases) through public trading on the regulated market of
Nasdaq Helsinki and selected multilateral trading facilities.
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
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Kaisa Antikainen, Communications Manager
Nokia
Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
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(END) Dow Jones Newswires
November 10, 2023 15:15 ET (20:15 GMT)
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