The company promised similar rewards for others returning cash.

Now, investors who want executives to return cash to them, rather than use it for ambitious new plans, will have a new argument.

After a glut of deal making in the late 1990's, many European corporations focused on selling assets and returning cash to shareholders.

Altera has said in comments to analysts that the stock repurchases are its preferred method for returning cash to shareholders.

Immediately, the returns exceeded expectations as nearly half of the deals returned cash the first year - compared with a more typical period of several years.

"But now our first priority has to be returning cash to shareholders."

Reed stated that it expected to complete the sale in the second half of the year and would use the funds raised to return cash to shareholders.

Such companies may decide to return cash to surplus (e.g. via a share buyback.)

"The real question is, Is it the long-term plan to return cash to shareholders?"

The travel agents have even had to return cheques and cash that have been sent in as deposits to secure places on the proposed flights.