Write Off Over 500 Million Shares! Philips Lighting Officially Changed Its Name To Signify

Write off over 500 million shares! Philips Lighting officially changed its name to Signify

    Philips Lighting, a global lighting leader, announced on Monday that the AGM has approved a proposal to amend the company’s articles of association, changing the name from Philips Lighting N.V. to Signify N.V.

    The company will begin using the Signify name on May 16, 2018, and is expected to implement changes in all countries that have business before the beginning of 2019. Under the existing license agreement with Royal Philips, the company will continue to use the Philips brand name.

    The shareholders also approved the appointment of Eelco Blok as a member of the Supervisory Board and agreed to pay a dividend of 1.25 Euro per share in 2017. All other recommendations made to shareholders at the annual general meeting were also passed.

    In addition, the company also announced on Monday that the company had completed the cancellation of its 2.2 million shares repurchased from Royal Philips in February 2018, for a total amount of 71 million euros (approximately 538 million yuan).

    After this cancellation, the issued share capital of Philips Lighting includes 138 million common shares, including 1.5 million shares held by the Finance Department. Currently Philips Lighting holds 1.09% of its own issued shares. The company has notified the Dutch Financial Market Authority (AFM) of the changes in its issued share capital and the company’s interest in its own shares has fallen below 3%