Philips to hold extraordinary general meeting of shareholders on October 25, 2006 to cancel repurchased shares
Monday, September 11, 2006
Amsterdam, The Netherlands– Today, Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced it will hold an Extraordinary General Meeting of Shareholders (EGM) on Wednesday, October 25, at Philips’ headquarters in Amsterdam. At the EGM, Philips will request that shareholders approve cancellation of shares.
On July 17, 2006, Philips announced the start of a EUR 1.5 billion share repurchase program, which at that time the company expected would take 18 months to complete. Philips now intends to complete this share repurchase program by the end of 2006. The EUR 1.5 billion share repurchase program represents part of EUR 4 billion that Philips indicated it would return to shareholders through a combination of dividends and share repurchases by the end of 2007, as part of an announcement on August 3, 2006, that Philips would sell an 80.1% stake in its Semiconductors business for EUR 6.4 billion.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world’s biggest electronics companies and Europe’s largest, with sales of EUR 30.4 billion in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 158,000 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
- Contact Information
- Jayson Otke
- Philips Corporate Communications
- Royal Philips Electronics of the Netherlands
- Contact via E-mail
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.