TomTom (TOM2) today announced the start of its share buyback program to repurchase ordinary TomTom shares for an amount up to €50 million. TomTom will use the shares to cover its commitments arising from its stock option and share plans. Based on the closing price of the share on Euronext Amsterdam on 28 February 2020 of €9.13, this program represents approximately 4% of TomTom’s issued share capital.
The share buyback program will ultimately end on 31 August 2020, unless the amount of €50 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 the company’s website.