Novell, Inc. (NASDAQ: NOVL) 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.”
Novell, Inc. (Nasdaq: NOVL) delivers Software for the Open Enterprise™. With more than 50,000 customers in 43 countries, Novell helps customers manage, simplify, secure and integrate their technology environments by leveraging best-of-breed, open standards-based software. With over 20 years of experience, Novell's 6,000 employees, 5,000 partners and support centers around the world help customers gain control over their IT operating environment while reducing cost. More information about Novell can be found at http://www.novell.com.
Novell is a registered trademark of Novell, Inc. in the United States and other countries. All third-party trademarks are the property of their respective owners.
Certain versions of content ("Material") accessible here may contain branding from Hewlett-Packard Company (now HP Inc.) and Hewlett Packard Enterprise Company. As of September 1, 2017, the Material is now offered by Micro Focus, a separately owned and operated company. Any reference to the HP and Hewlett Packard Enterprise/HPE marks is historical in nature, and the HP and Hewlett Packard Enterprise/HPE marks are the property of their respective owners.