Novell (NOVL) dirt cheap, good buy? Message Board

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Technology Stocks : Novell (NOVL) dirt cheap, good buy?

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To: Matthew Leo who wrote (10075)	3/25/1997 3:14:00 PM
From: Reginald Middleton	of 42771

The repurchasing of shares at this juncture simply confirms that the company's mgmt. has no other worthwhile investment inwhich to direct its resources. That is bad. Repurchashing shares does not increase the value of the company, it simply decreases dilution, which is an ephemeral accouting term that has now real substance in a software company that doesn't pay dividends. The strongest message that can be sent to the street is the investment of those funds into a capital project that can easily be communicated as yielding more than NOVL's cost of capital at roughly 12% while simultaneously forging a competitive path for the future. RCM on the Street

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