The Company is of the view that from time to time the market price of its common shares does not adequately reflect the underlying value of the Company’s business.
Any additional purchases under the program will be made on The Nasdaq Stock Market or the Toronto Stock Exchange at prevailing market prices and paid out of general corporate funds. All repurchased shares will be cancelled. No shares will be knowingly purchased from Cognos insiders or their affiliates. As of Monday, July 9, 2007, the stock repurchase program of the Company will be subject to the new rules and policies of the TSX related to normal course issuer bids which became effective on June 1, 2007.
The current program, which was adopted on October 10, 2006, will expire on October 9, 2007. As of July 3, 2007, Cognos has repurchased 4,885,300 shares under the current program at an approximate weighted average price of U.S. $40.48 for an aggregate purchase price of approximately U.S. $198,000,000. All of these repurchased shares have been or will soon be cancelled. [July 6, 2007]
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