Novell Board Authorizes Share Repurchase
PROVO, Utah, June 5 /PRNewswire/ -- Novell, Inc. (Nasdaq: NOVL), today announced that its board of directors has authorized the company to repurchase up to 10 percent, or approximately 35 million shares, of Novell common stock over the next twelve months.
"The board's decision reflects the solid improvements being made in Novell's business, our large cash position and positive cash flow performance," said Dennis Raney, Senior Vice President and Chief Financial Officer. "Share repurchase is both good use of a portion of Novell's cash asset and complements other investment decisions that we are making to grow Novell's business."
Novell said it plans to buy shares on the open market from time to time, depending on market conditions. The repurchases will be funded from Novell cash and short-term investments that totaled $1.08 billion, as of April 30, 1998. Novell has approximately 353 million shares outstanding. Repurchased shares will be retired and canceled.
During its 1996 fiscal year, under a previous board repurchase authorization, the company spent $456 million to repurchase and retire 33 million shares of Novell common stock.
About Novell
Founded in 1983, Novell is the world's leading provider of network software. The company offers a wide range of network solutions, education, and support for distributed network, Internet, and small-business markets. Information about Novell's complete range of products and services can be accessed on the World Wide Web at www.novell.com.
/CONTACT: Peter Troop, 408-577-8975, or ptroop@novell.com, or Jonathan Cohen,
408-577-7268, or jcohen@novell.com, both of Novell, Inc./
08:00 EDT
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regards,
Giota
P.S. preopening bid on Novell this morning is $ 11.00 |
