Mon, Apr 8th 2024
Dsm-firmenich embarks on a strategic share repurchase program, acquiring 1.5 million shares to fulfill its share-based compensation commitments.
Dsm-Firmenich, the Swiss-Dutch leader in nutrition, health, and beauty, announces a strategic move to repurchase 1.5 million shares from April 8, 2024.Aimed at fulfilling the group’s share-based compensation plans, this action underscores the company’s dedication to its workforce and its future growth. According to a press release.
The repurchase plan involves an investment of approximately €156 million, reflecting the share’s closing price on Euronext Amsterdam as of April 4, 2024. This represents around 0.6% of the company’s issued ordinary shares.
The buyback program is structured into two phases: an initial on-market repurchase of 500,000 shares, followed by an acquisition of 1 million shares through an equity forward transaction expected to be finalised in April 2024.
The shares from the forward transaction are slated for delivery in 2025, ensuring a seamless execution of the company’s long-term compensation strategies.
To maintain impartiality and efficiency, dsm-firmenich has entered into Discretionary Management Agreements with banks. These agreements empower the banks to independently manage the share repurchase on the company’s behalf, ensuring compliance with regulatory standards.
In line with its commitment to transparency, dsm-firmenich plans to regularly update the market on the progress of this share repurchase program through weekly press releases. The program, with the exception of the equity forward transaction shares, is likely to be completed by Q2 2024.
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