Novell Inc says that its board of directors has authorized the company to repurchase up to 10% of its outstanding shares, or roughly 35 million, over the next 12 months. New CFO Dennis Raney said in a statement that the move reflects improvements being made in Novell’s business and its large cash position – $1.08bn, as of April 30 – and positive cash flow recently. Novell said it plans to buy shares on the open market from time to time, depending on market conditions. Novell says it has approximately 353 million shares outstanding. The repurchased shares will be retired and canceled. During its 1996 fiscal year, under a previous repurchase authorization, the company spent $456m to repurchase and retire 33 million shares.
