Sketch-to-Scale solutions provider Flex (NASDAQ: FLEX) announced that on August 15, 2017, it received shareholder approval to purchase up to 20% of its outstanding shares. Since the beginning of fiscal 2012 through the first quarter ended June 30, 2017, the Company repurchased approximately 298.8 million shares for approximately $2.6 billion and retired all of these shares.
Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $500 million in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent Annual General Meeting held on August 15, 2017.
Share repurchases, if any, will be made in the open market and in compliance with SEC Rule 10b-18. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable legal requirements. The share repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended or terminated at any time without prior notice.