Starting April 8. 2024, dsm-firmenich intends to repurchase 1,500,000 ordinary shares to cover commitments under the company's share-based compensation plans. The share repurchase is equivalent to approximately €156 million based on the closing price of the dsm-firmenich ordinary share on Euronext Amsterdam on April 4, 2024. The total number of ordinary shares to be repurchased under this program represents approximately 0.6% of ordinary shares issued.
The program consists of an on-market share repurchase of 500,000 shares, followed by a repurchase of 1,000,000 shares by means of an equity forward transaction. The forward transaction is expected to be entered into in April 2024, and dsm-firmenich expects to take delivery of the shares in 2025. Both share repurchase mandates will be executed in accordance with the Market Abuse Regulation and within the limitations of the authority granted to the Board of Directors by the Annual General Meeting.
dsm-firmenich is said to have signed Discretionary Management Agreements with banks to commence the execution of the share repurchase program on its behalf and to make trading decisions under the Agreements independently of dsm-firmenich.
The company has shared that following regulations, dsm-firmenich will inform the market about the progress made in the execution of this program through weekly press releases. The share repurchase program is anticipated to be completed in Q2 2024.
