This excerpt taken from the WPI 8-K filed Feb 10, 2005.
Share repurchases may not begin before February 15, 2005, in conformity with the Companys insider trading policy, which precludes trading in Company stock through two full trading days following the Companys earnings announcement.
These repurchases will be made in open market or privately negotiated transactions from time to time in compliance with the Securities and Exchange Commissions (SEC) Rule 10b-18, subject to market conditions, applicable legal requirements and other factors. Additionally, Watsons Board of Directors has authorized that purchases may be made under Rule 10b5-1 promulgated under the Securities and Exchange Act of 1934, as amended. A Rule 10b5-1 plan allows Watson to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout periods. All such purchases must be made in accordance with a pre-defined plan that is established when the plan administrator is not aware of any material non-public information.