Nokia Launches First Phase of Share Buyback Program

TL;DR

Nokia kicks off its share buyback program today, returning cash to investors.

AI Summary

Nokia Corporation announced on March 18, 2024, the launch of the first phase of its share buyback program, as previously communicated on January 25, 2024. This action is part of Nokia's strategy to return value to shareholders.

Why It Matters

This move signals Nokia's confidence in its financial health and commitment to increasing shareholder value through capital allocation.

Risk Assessment

Risk Level: low — Share buybacks are a common and generally low-risk financial maneuver for established companies.

Key Players & Entities

• Nokia Corporation (company) — Filer of the 6-K and subject of the announcement
• March 18, 2024 (date) — Date of the stock exchange release and launch of the buyback program
• January 25, 2024 (date) — Date when the share buyback program was initially announced

FAQ

Filing Documents

• tm249102d1_6k.htm (6-K) — 32KB
• tm249102d1_6kimg001.jpg (GRAPHIC) — 4KB
• 0001104659-24-035367.txt ( ) — 39KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 Report on Form 6-K dated March 18, 2024 (Commission File No. 1-13202) Nokia Corporation Karakaari 7 FI-02610 Espoo Finland (Translation of the registrant’s name into English and address of registrant’s principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F : Form 40-F: Enclosures: · Stock Exchange Release: Nokia launches first phase of share buyback program Stock exchange release 18 March 2024 Nokia Corporation Stock Exchange Release 18 March 2024 at 16:30 EET Nokia launches first phase of share buyback program Espoo, Finland – In line with the share buyback program announced on 25 January 2024, Nokia Corporation ("Nokia" or the "Company") has today decided to launch the first phase of the share buyback program. The main terms of the first phase of the share buyback program: · The aggregate purchase price of all Nokia shares to be acquired shall not exceed EUR 300 million. · The repurchases will start at the earliest on 20 March 2024 and end by 18 December 2024. · The purpose of the repurchases is to optimize Nokia's capital structure through the reduction of capital. The repurchased shares will be cancelled accordingly. The repurchases will be funded using funds in the reserve for invested unrestricted equity and the repurchases will reduce total unrestricted equity. · The repurchases are based on the authorization granted by Nokia's Annual General Meeting on 4 April 2023. The maximum number of shares that can be repurchased under the first phase of the program is 200 million shares corresponding to approximately 4 % of the total number of shares in Nokia. · The shares will be acquired through public trading on the regulated market of Nasdaq Helsinki and select multilateral trading facilities. No repurchases will be made in the United States. Nokia has appointed a third-party broker as the lead-manager for the first phase of the buyback program. The lead-manager will make trading decisions independently of and without influence from Nokia. The repurchases will be carried out in accordance with the so-called safe harbour rules referred to in Article 5 of the EU Market Abuse Regulation (EU N:o 596/2014). · The price payable per share shall be determined in public trading on the relevant trading venue at the time of the repurchase, in compliance with the price and volume limits applicable under the safe harbour rules. Nokia may terminate the program prior to its scheduled end date and will in such case issue a stock exchange release to this effect. About Nokia At Nokia, we create technology that helps the world act together. As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future. Inquiries: Nokia Communications Phone: +358 10 448 4900 Email: press.services@nokia.com Kaisa Antikainen, Communications Manager Nokia Investor Relations Phone: +358 40 803 4080 Email: investor.relations@nokia.com www. nokia.com PÖRSSITIEDOTE 18.3.2024 Nokia Oyj Pörssitiedote 18.3.2024 klo 16.30 Nokia käynnistää omien osakkeiden takaisinosto-ohjelman ensimmäisen vaiheen Espoo – 25.1.2024 julkistetun omien osakkeiden takaisinosto-ohjelman mukaisesti Nokia Oyj ("Nokia" tai "Yhtiö") on tänään päättänyt Nokian omien osakkeiden takaisinosto-ohjelman ensimmäisen vaiheen käynnistämisestä. Takaisinosto-ohjelman ensimmäisen vaiheen keskeinen sisältö: · Nokian osakkeiden hankintaan käytettävä kokonaissumma on enintään 300 miljoonaa euroa. · Takaisinostot alkavat aikaisintaan 20.3.2024 ja päättyvät viimeistään 18.12.2024. · Takaisinostojen tarkoituksena on optimoida Nokian pääomarakennetta alentamalla omaa pääomaa. Takaisinostetut osakkeet mitätöidään tämän mukaisesti. Takaisinostoihin käytetään yhtiön sijoitetun vapaan oman pääoman rahastoa ja takaisinostot vähentävät yhtiön vapaata omaa pääomaa. · Takaisinostot toteutetaan Nokian yhtiökokoukse

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View this 6-K filing on SEC EDGAR