PostNL N.V. (ENXTAM:PNL) announces a share repurchase program. Under the program, the company will repurchase up to €250 million worth of shares. The purpose of the program is to neutralize the assumed dilutive impact from shares to be issued in relation to the dividends over the years 2021-23.

The first tranche will be executed in 2022 and is set at between €160 million and €170 million, covering the assumed amount of stock dividend over the financial years 2021 and 2022 and is expected to be completed no later than October 2022. The second tranche will be executed in 2023. The repurchased shares will be use to cover its obligations under share-based remuneration arrangements and to deliver future dividend that may be partly paid in stock, at the choice of the shareholder.

The remaining number of the bought-back shares will be cancelled. The program is valid till 2023.