Deliver Your News to the World

Philips completes cancellation of 36.6 million shares


Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) announced today that it has completed the cancellation of in total 36,653,831 shares which have been acquired for cancellation purposes during the period starting March 14, 2008 up to and including May 28, 2008 against an average repurchase price of EUR 24.34 per share. These shares have been repurchased under the EUR 5 billion share repurchase program Philips announced on December 19, 2007 which is currently being executed.

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 this cancellation, Philips’ issued share capital as per today amounts to 1,046,265,843 shares.
Forward-looking statements

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.


This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.