Product category: Design and Development Software
News Release from: Ansoft Europe
Edited by the Electronicstalk Editorial Team on 17 September 2002
Ansoft amends stock repurchase programme
The Ansoft Board of Directors has voted to amend its existing common stock repurchase programme to permit the company to acquire an additional 1,000,000 shares of its common stock
Under the original programme approved in 1998, the company has purchased 937,000 of the 1,000,000 shares authorised for repurchase. "The board's actions endorse our belief that the low price at which the company's common stock has recently traded does not reflect the true long-term value of the company", said Nicholas Csendes, Ansoft's President and Chief Executive Officer.
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"We believe an investment in our own stock will be beneficial to the company and its stockholders".
The repurchases may be made, from time to time, in the open market or in privately negotiated transactions and are subject to price and market considerations and applicable securities laws.
The extent and timing of repurchases will be at the discretion of management and will depend on general business and market conditions, stock prices, and the company's cash position and requirements going forward.
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