RIM’s Board looks to buy back 21 million shares… that’s $1.2 billion

1812630RIM’s Board of Directors has OK’d a share repurchase program of approximately 21 million common shares… this has a street value of approximately $1.2 billion (USD) and represents about 3.6% of the currently outstanding common RIM shares.

The repurchase lasts 12 months and the program may begin on November 9th, 2009. In a statement released by RIM’s Board of Directors, they said “a share repurchase program at this time is in the best interests of RIM and its shareholders, and will not impact RIM’s ability to execute its growth plans given the strength of RIM’s balance sheet and expected cash flow generation over the next several quarters. Any shares purchased under the program will increase the proportionate interest of, and may be advantageous to, all remaining shareholders of RIM.”