CIMdata PLM Industry Summary Online Archive

31 August 2004

Company News

Open Text Corporation Announces Normal Course Issuer Bid

Open TextT Corporation announced that it intends to make a normal course issuer bid to repurchase, from time to time over the next 12 months, if considered advisable, up to an aggregate of 2,552,739 common shares, being approximately 5% of its common shares, on the Nasdaq National Market. Open Text has filed a notice of intention to make a normal course issuer bid with applicable Canadian Securities Regulators. Purchases are expected to commence on or about September 7, 2004. As of June 30, 2004, Open Text has 51,054,786 issued and outstanding common shares.

The Board of Directors of Open Text believes that the proposed purchases are in the best interests of Open Text and are a desirable use of corporate funds. All common shares purchased by Open Text pursuant to the notice will be cancelled.

 

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