BlackBerry has announced the authorization of 12 million shares buyback program in BBRY/BB (TSX). 12 million shares equates to just under 3% of the company’s current stock price, valued at around $123 million.
“The purpose of this repurchase program will be to offset dilution that may result from our proposed employee share purchase plan and from proposed amendments to our equity incentive plan,” said BlackBerry Executive Chairman and CEO, John Chen. “We intend to take advantage of our strong cash position to purchase our shares when the market price does not reflect what we view to be the underlying value and future prospects of our business, without adversely affecting our strategic initiatives,” added Mr. Chen.
Source: CNN Money