Amsterdam, 15 February 2021, 07:30 CEST - TomTom (TOM2) today announced the resumption of its share buyback program to repurchase ordinary TomTom shares. The original program, partially executed in 2020, was to repurchase shares for an amount up to €50 million. The program was suspended on 31 March 2020 as a precautionary measure in light of the COVID-19 pandemic. Until the program's suspension, a total of 2,354,433 shares were repurchased for an aggregate consideration of €16.6 million leaving a remaining amount for the repurchase of €33.4 million.
TomTom will use the shares to cover its commitments arising from its long-term employee incentive plans. Based on the closing price of the share on Euronext Amsterdam on 12 February 2021 of €7.92, the remaining amount represents approximately 3% of TomTom's issued share capital.
The share buyback program will ultimately end on 30 July 2021, unless the amount of €33.4 million has been repurchased prior to that date. In that case the program will end on the date on which this amount is reached and the early termination will be disclosed.
The program will be executed by an intermediary to allow for share buybacks in the open market during both open and closed periods. The program will be executed within the limits of relevant laws and regulations and the existing authority granted by our General Meeting.
TomTom will update the market on the progress of the share buyback program in weekly press releases. This information will also be published on our company's website.
This press release contains information which is to be made publicly available under the Market Abuse Regulation (EU) No 596/2014.
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