Late afternoon Tuesday, the Research in Motion Board of Directors approved a stock buy back plan that will reclaim 9.5 million shares or about 5% of the total outstanding shares.
The Board of Directors of RIM believes that the proposed purchases are in the best interests of the Company and its shareholders and are a desirable use of corporate funds. All common shares purchased by RIM will be cancelled.
RIM officials say that the company currently has just over 191 million shares and the buyback of 9.5 million outstanding shares could start as early as Monday.
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