Progress Software Announces $250M Share Repurchase Plan
Progress Software Corporation (NASDAQ: PRGS) today announced that it has adopted a Rule 10b5-1 share repurchase plan for the purpose of repurchasing up to $250 million of its common stock as part of the Company's previously announced $350 million repurchase authorization. The plan is effective from October 24, 2012 until June 30, 2013 or, if earlier, upon the repurchase of $250 million of the Company's common stock under the plan.
The Rule 10b5-1 plan allows for the repurchase of shares at times when the Company might otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Repurchases are subject to SEC regulations as well as certain price, market, volume, and timing constraints specified in the plan. Because repurchases under the plan are subject to certain constraints, there is no guarantee as to the exact number of shares that will be repurchased under the plan or the timing for any repurchases. The Board of Directors remains committed to returning capital to shareholders and will evaluate all capital allocation alternatives to fulfill the Company's previously announced repurchase authorization by the end of fiscal year 2013.
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