Philips completes repurchase and cancellation of 86 million shares
Friday, December 29, 2006 - Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) announced today that it has completed the cancellation of in total 86,472,494 shares which have been acquired pursuant to the share repurchase program the Company initiated in July 2006. All shares were acquired during the period starting July 17, 2006 up to and including December 19, 2006 at an average repurchase price of EUR 27.37 per share. As such, Philips has completed approximately EUR 2,367 million of the EUR 4 billion return to shareholders announced on August 3, 2006.
In connection with this share capital reduction, Philips has notified the Netherlands Authority for the Financial Markets (AFM) that it no longer holds 5 per cent of its own shares. As a result of the cancellation of shares, Philips’ issued share capital as per today amounts to 1,142,826,763 shares of which 36,231,587 shares are held by Philips to cover long-term incentive and employee stock purchase plans.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a global leader in healthcare, lifestyle and technology, delivering products, services and solutions through the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 126,000 employees in more than 60 countries worldwide. With sales of EUR 30.4 billion in 2005, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, personal care and home appliances, as well as consumer electronics. 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.
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- Jeannet Harpe
- Philips Corporate Communications
- Royal Philips Electronics
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