Espoo, Finland – In line with the earlier announced EUR 5 billion capital structure optimization program, the Nokia Board of Directors has today resolved to commence repurchases of shares under the authorization given by the Nokia Annual General Meeting held on June 17, 2014 (the “AGM”).
The Board resolved to repurchase a maximum of 370 million Nokia shares, however up to an equivalent of EUR 1.25 billion.
The shares may be repurchased by way of a directed repurchase from sellers in marketplaces the rules of which allow companies to trade with their own shares. The purchase price will be based on the current market price of Nokia shares in the marketplace.
Repurchases may also be carried out by entering into derivative, share lending or other arrangements, in which case the repurchase price may differ from the market price, within the limits of the authorization given by the AGM.
The shares may be repurchased for the purposes of either optimizing the capital structure of Nokia by way of reducing the number of the shares of the company or for the purposes of meeting obligations arising from share-based incentive plans for employees of Nokia or of an associate company.
The repurchases will commence earliest after publication of Nokia’s second quarter 2014 results, which are scheduled for publication on July 24, 2014. The current authorization given by the AGM is valid until December 17, 2015.
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