Finland : NOKIA's board proposes AGM to authorize it for buy-back [TendersInfo (India)]
(TendersInfo (India) Via Acquire Media NewsEdge) Finnish smartphone-maker Nokia has released a statement with its annual general meeting (AGM).
According to the statement, the company's board has recommended that the AGM provide the board with the authority to resolve to buy-back a maximum of 370 million Nokia stocks by using funds in the unlimited stakeholders' equity. Repurchases will cut funds available to distribute profits. The stocks may be bought-back in order to build the capital structure of Nokia, finance or implement acquisitions or other agreements, settle the firm's equity-based incentive plans, be transferred for other goals, or be terminatted.
Repurchasing the stocks may be done : a) through a tender offer made to all the stakeholders on equal conditions; or b) in markets by buying-back the stocks in another proportion than that of the existing stakeholders.
The board has proposed that the authorization be valid until June 30, 2014 and terminate the corresponding authorization offered by the AGM on May 3, 2012.
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