In the Netherlands, Royal DSM announced that it intends to repurchase 2,300,000 ordinary shares, starting on 18 May 2015, in order to cover its commitments under existing management and personnel option plans. Based on the closing price of the DSM share on Euronext Amsterdam on 13 May 2015 this would be equivalent to approximately €115 million.
DSM has signed a Discretionary Management Agreement with the bank that will execute the repurchase. The repurchase price will be based on the daily VWAP (Volume Weighted Average Price). Volumes to be repurchased will be on average 5% of the daily trading volume on the open market, within a bandwidth of 2-8% per day. This share repurchase program is anticipated to continue into Q3 2015. The total number of shares to be repurchased under this program represents approximately 1.25% of ordinary shares issued.