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Nokia Corporation Message Board

  • czirc czirc Jan 30, 2013 7:51 AM Flag

    Board approves repurchase 370 million shares

    Board to resolve to repurchase a maximum of 370 million Nokia shares by using funds in the unrestricted shareholders' equity. Repurchases will reduce funds available for distribution of profits. The shares may be repurchased in order to develop the capital structure of the Company, finance or carry out acquisitions or other arrangements, settle the Company's equity-based incentive plans, be transferred for other purposes, or be cancelled

    Sentiment: Buy

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    • NOK has had this board authorization for several years. They also made a statement when it was renewd that it was unlikely they would act on it. This is not news.

    • This is normal text for annual general meeting. It was there already 2011 and 2012 ... and if I remember right earlier every year.
      This text are there for reason that any extra general meeting is not needed to organize if any of these actions are needed to done during next years. "The authorization be effective until June 30, 2016 ... "

      Sentiment: Strong Buy

    • dorianpc@ymail.com dorianpc Jan 30, 2013 12:00 PM Flag

      Not this year. I guess they will wait till it doubles so they can overpay. That is what most boards that are wanna- be investment tycoons do when they fail at managing day to day business issues.

    • You left out important information, such as the issuance of 740 million additional share. Here's the PR from NOK:

      Nokia Corp. (NYSE: NOK) issued the following statements with its annual general meeting filing today:

      15. Authorizing the Board of Directors to resolve to repurchase the Company's own shares

      The Board proposes that the Annual General Meeting authorize the Board to resolve to repurchase a maximum of 370 million Nokia shares by using funds in the unrestricted shareholders' equity. Repurchases will reduce funds available for distribution of profits. The shares may be repurchased in order to develop the capital structure of the Company, finance or carry out acquisitions or other arrangements, settle the Company's equity-based incentive plans, be transferred for other purposes, or be cancelled.

      The shares may be repurchased either

      a) through a tender offer made to all the shareholders on equal terms; or
      b) in marketplaces by repurchasing the shares in another proportion than that of the current shareholders.

      It is proposed that the authorization be effective until June 30, 2014 and terminate the corresponding authorization granted by the Annual General Meeting on May 3, 2012.

      16. Authorization to the Board of Directors to resolve on the issuance of shares and special rights entitling to shares

      The Board proposes that the Annual General Meeting authorize the Board to resolve to issue in total a maximum of 740 million shares through issuance of shares or special rights entitling to shares (including stock options) under Chapter 10, Section 1 of the Finnish Companies Act in one or more issues during the effective period of the authorization. The Board may issue either new shares or shares held by the Company.

      The Board proposes that the authorization may be used to develop the Company's capital structure, diversify the shareholder base, finance or carry out acquisitions or other arrangements, settle the Company's equity-based incentive plans, or for other purposes resolved by the Board.

      It is proposed that the authorization includes the right for the Board to resolve on all the terms and conditions of the issuance of shares and such special rights, including to whom shares or special rights may be issued as well as the consideration to be paid. The authorization thereby includes the right to deviate from the shareholders' pre-emptive rights within the limits set by law.

      It is proposed that the authorization be effective until June 30, 2016 and terminate the corresponding authorization granted by the Annual General Meeting on May 6, 2010.

    • dorianpc@ymail.com dorianpc Jan 30, 2013 10:25 AM Flag

      I'm pretty sure Elop indicated on CC that no repurchase will take place in 2013, although the plan does approve it for a later year. I hope we don't have to listen to a whole year of speculation on something that is not going to happen.

    • BS

      The repurchase authorization is proposed in order to maintain flexibility, but the Board has no current plans for repurchases during 2013.

    • good

      Sentiment: Strong Buy

    • It's on the agenda but it's not a done deal yet, is it? 

 
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