Nokia's official website news shows that the company has now completed the first phase of the share repurchase plan announced in February 2022. During the period from February 14, 2022, to November 11, 2022, Nokia repurchased 63.9636 million company shares at an average price of approximately EUR 4.69 per share.
On February 3, 2022, Nokia announced that its board of directors will initiate a share repurchase program to return up to €600 million in cash to its shareholders in tranches over two years, as mandated by Nokia's annual general meeting on April 8, 2021. The first phase of the share repurchase program begins on February 14, 2022, with a maximum total purchase price of EUR 300 million. This phase is now complete.
Nokia said that the purpose of the repurchase is to optimize Nokia's capital structure through capital reduction. The board of directors of the company will make a separate resolution to cancel the repurchase of shares. The repurchase is through publicly traded and selected multilateral trading facilities on the Nasdaq-regulated market in Helsinki, and differs from the existing shareholding ratio (targeted repurchase) of Nokia shareholders.
The repurchase reduced Nokia's non-restricted interests by 300 million euros. Nokia Corporation currently holds a total of 97,786,461 treasury shares. Nokia continues to return up to €600 million in cash to its shareholders in tranches over two years in line with the target of the buyback program, subject to continued authorization from the Annual General Meeting.
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