Progress Software to Buy Back $100 Million by Year's End
Business application software developer Progress Softwareannounced yesterday it had adopted a Rule 10b5-1 share repurchase plan to buy back up to $100 million of its stock as part of its previously announced repurchase authorization. At the time, the board of directors had increased the program by $10 million to $360 million.
The SEC adopted Rule10b5-1 to protect executives and companies from charges of insider trading by allowing them to legally buy or sell shares in their company even if they are aware of material non-public information so long as the trade was specifically laid out in a plan before the executive or company became aware of the information.
Progress Software's plan will run from July 1 through Dec. 31 unless it buys back $100 million worth of stock before then. The software specialist previously utilized a Rule 10b5-1 plan to repurchase $250 million of its stock between October 2012 and May 2013.
Progress cautions there is no guarantee as to the exact number of shares that will be repurchased under the plan or the timing of any repurchases.
PRGS Stock Buybacks data by YCharts.
The article Progress Software to Buy Back $100 Million by Year's End originally appeared on Fool.com.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.