PR: Novell Announces $200 Million Share Repurchase Program
Sep 22, 2005, 18:15 (0 Talkback[s])
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Novell, Inc. today announced that its board of directors has
approved a share repurchase program for up to $200 million of
Novell common stock over the next 12 months.
"Repurchases will be made from time to time on the open market
at the discretion of management based on management's evaluation of
market conditions and other factors. Repurchases may also be made
under a Rule 10b5-1 plan. Such a plan would permit Novell to
repurchase shares when it might otherwise be precluded by insider
trading laws, provided that Novell enters into the plan at a time
when it is not in possession of material, non-public information
and satisfies certain other conditions. The repurchase program may
be suspended or discontinued at any time.
"Jack Messman, Novell's chairman and chief executive officer,
said, "Our stock buyback is just one of the elements of a plan
aimed at enhancing shareholder value and securing Novell's future
as an important provider of solutions to the IT market. The buyback
demonstrates the Board and management's confidence in our financial
strength and strategic plan."