Nokia (NOK) Announces EUR 1B Stock Buyback Program
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In line with the EUR 7 billion capital structure optimization program announced earlier, the Nokia (NYSE: NOK) Board of Directors has resolved to commence a share repurchase program (the "Program") under the authorization granted by the Nokia Annual General Meeting on June 16, 2016 (the "AGM").
The Board has resolved to repurchase a maximum of 575 million Nokia shares up to an equivalent of EUR 1 billion.
The shares may be repurchased by way of a directed repurchase from sellers in marketplaces where the rules allow companies to trade with their own shares. The purchase price will be based on the current market price of Nokia shares in such marketplaces. The volumes to be repurchased may not exceed 25% of the daily average volume of the shares on the marketplace where the purchase is carried out. The daily average volume is based on the daily average volume traded during the month preceding the month of this disclosure.
Under the Program the shares may be repurchased for the purposes of either optimizing the capital structure of Nokia by way of reducing the number of the shares of the company or for the purposes of meeting obligations arising from share-based incentive plans for employees of Nokia or of its associated companies.
The repurchases will commence at the earliest after Nokia's Capital Markets Day organized on November 15, 2016. The Program and the current authorization granted by the AGM are valid until December 16, 2017.
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