Novell Announces $200 Million Share Repurchase Program
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.
Forward-Looking StatementThis press release includes statements that are not historical in nature and that may be characterized as “forward-looking statements,” including those related to share repurchases and factors to be utilized by management in determining whether to effect share repurchases. You should be aware that Novell's actual results and activities could differ materially from those contained in the forward-looking statements, which are based on current expectations of Novell management and are subject to a number of risks and uncertainties, including, but not limited to, Novell's capital requirements, unanticipated business and regulatory developments, and the other factors described in Novell's Annual Report on Form 10-K for the fiscal year ended October 31, 2004. Novell disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
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