KPN today commences EUR 1 bn share repurchase program for 2011

Share KPN


> read more

Downloads

Den Haag, 21-2-11



KPN today commences its share repurchase program for 2011. As announced during the fourth quarter results on 26 January 2011, KPN will repurchase EUR 1 billion of its own shares. The repurchase program is expected to be finalised by the end of 2011.

In order to meet the interests of both shareholders and bondholders, KPN is committed to its self-imposed financial framework with a net debt to EBITDA ratio between 2.0x and 2.5x. Net debt to EBITDA stood at 2.2x at the end of Q4 2010.

In line with previous share repurchase programs, KPN has mandated an intermediary to repurchase KPN shares in the open market on KPN’s behalf, allowing the execution of share repurchases during closed periods. The program will be executed in accordance with the terms of the mandate granted by KPN's General Meeting of Shareholders on 13 April 2010. During the repurchase program a weekly press release will be published with an update on the progress made. All repurchased shares will be cancelled.