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Progress Software Corporation
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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