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Progress Software Announces Plan to Complete Additional $100 Million Share Repurchase by December 31, 2013

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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 $100 million of its common stock as part of the Company's previously announced repurchase authorization, which the Board of Directors increased by $10 million to $360 million. The plan will be active from July 1, 2013 until December 31, 2013 or, if earlier, upon the repurchase of $100 million of the Company's common stock under the plan. The Company previously utilized a Rule 10b5-1 plan to repurchase $250 million of its common stock between October 2012 and May 2013.

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.

 

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