SERENA Stock Repurchase Program
SERENA Announces Stock Repurchase Program
9/19/01
> Business Editors/High-Tech Writers
BURLINGAME, Calif.--(BUSINESS WIRE)--Sept. 19, 2001--SERENA Software, Inc. (Nasdaq:SRNA) today announced that it has been authorized by its Board of Directors to institute a stock repurchase program whereby up to 1,000,000 shares of its Common Stock may be repurchased in the open market or in privately negotiated block transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or from time to time without prior notice.
Mark Woodward, the Company's president and chief executive officer, stated that "Our Board of Directors and management believe that repurchasing stock at current stock prices is an excellent use of cash given our solid financial condition and is in the best interest of our shareholders." He noted that the Company will utilize the reacquired shares for reissuance in connection with employee stock programs and general corporate purposes