Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: John Messbauer who wrote (2152)	3/7/1999 9:00:00 PM
From: Chris Stovin	Read Replies (1) \| Respond to of 14638

Old news John. Here is the original announcement from Feb. 22. If memory serves me correctly, it gave a bounce to the stock at the time while others were having a down day. Monday February 22, 12:01 pm Eastern Time Company Press Release SOURCE: Northern Telecom Limited Nortel Networks Renews Share Repurchase Program TORONTO, Feb. 22 /PRnewswire/ - Nortel Networks (NYSE:NT/TSE:NTL) announced today that it has filed with the Toronto and Montreal stock exchanges and with the provincial securities regulatory authorities a Notice of Intention to make a normal course issuer bid for its common shares. Pursuant to the issuer bid, Nortel Networks may purchase for cancellation up to 10,000,000 common shares, representing approximately 1.5 percent of its issued and outstanding common shares. The purchases may be conducted during the twelve month period commencing on February 26, 1999 and ending on February 25, 2000. The shares will be purchased through the facilities of the Toronto, Montreal and New York stock exchanges at market prices. In the twelve month period ending on February 3, 1999, Nortel repurchased and cancelled 4,347,400 common shares under its previous share repurchase program at an average price per share of C$77.04 or US$50.86. Common shares may be repurchased by Nortel Networks to offset issuances of new shares under employee benefit programs or when such purchases would represent an appropriate use of corporate funds. Nortel Networks' common shares are listed on the New York, Toronto, Montreal, Vancouver, and London stock exchanges. Nortel Networks had 1998 revenues of US$17.6 billion and has approximately 75,000 employees worldwide. SOURCE: Northern Telecom Limited