Summary by Futu AI
Nokia Corporation has initiated the first phase of its share buyback program as previously announced on January 25, 2024. The program, which began on March 18, 2024, will not exceed a total purchase price of EUR 300 million and is set to conclude by December 18, 2024. The repurchase of up to 200 million shares, representing about 4% of Nokia's total shares, aims to optimize the company's capital structure by reducing capital. The shares acquired will be cancelled, and the repurchases will be funded from the reserve for invested unrestricted equity, consequently reducing the total unrestricted equity. The buyback is executed under the authorization of Nokia's Annual General Meeting held on April 4, 2023, and will be conducted on the regulated market of Nasdaq Helsinki and select multilateral trading facilities, excluding the United States. A third-party broker has been appointed to manage the program independently, in accordance with the EU Market Abuse Regulation's safe harbour rules. Nokia reserves the right to terminate the program early, which would be communicated through a stock exchange release.