Nortel announced today that its Board of Directors has approved a limited share purchase plan as a vehicle to enable certain Nortel executive officers to purchase common shares from Nortel to satisfy share ownership guidelines.
All shares issued under the plan will be sold for fair market value determined by reference to the volume weighted average trading price of the shares for the 5 consecutive trading days on which at least a board lot of shares trades on each of the TSX and the NYSE, commencing on the day that a purchase order for shares is submitted under the plan, on either the TSX or the NYSE, whichever is higher.
The maximum number of shares that may be purchased under the plan is 450,000 shares, representing less than 0.2% of Nortel’s outstanding common shares.
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