Hertz 2007 Annual Report Download - page 78

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock began trading on the NYSE on November 16, 2006. On February 27, 2008, there
were 411 registered holders of our common stock. The following table sets forth, for the period
indicated, the high and low sales price per share of our common stock as reported by the NYSE:
2006 High Low
4th Quarter (beginning November 16, 2006) ............... $17.48 $14.55
2007
1st Quarter ....................................... 23.95 16.40
2nd Quarter ...................................... 26.99 19.52
3rd Quarter ....................................... 27.20 18.72
4th Quarter ....................................... 25.25 14.81
There were no repurchases of our equity securities by us or on our behalf during the year ended
December 31, 2007 and we do not have a formal or publicly announced stock repurchase program.
CURRENT DIVIDEND POLICY
We do not expect to pay dividends on our common stock for the foreseeable future. The agreements
governing our indebtedness restrict our ability to pay future dividends. See ‘‘Item 7—Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital
Resources—Financing.’’
PRE-IPO DIVIDENDS
On June 30, 2006, we paid special dividends of $4.32 per share to the holders of our common stock,
totaling approximately $999.2 million. On November 21, 2006, we paid a special cash dividend to
holders of record of our common stock immediately prior to our initial public offering in an amount of
$1.12 per share, or approximately $260.3 million in the aggregate.
USE OF PROCEEDS FROM SALES OF REGISTERED SECURITIES
On June 12, 2007, the investment funds associated with the Sponsors completed a secondary public
offering of 51,750,000 shares of their Hertz Holdings common stock at a price of $22.25 per share, or
approximately $1.15 billion. This offering was effected pursuant to a Registration Statement on Form S-1
(File No. 333-143108), which the SEC declared effective on June 12, 2007. Goldman, Sachs & Co.,
Lehman Brothers Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as managing
underwriters in the offering. We did not receive any of the proceeds from the sale of these shares. We
paid all of the expenses of the offering, excluding underwriting discounts and commissions of the selling
stockholders, pursuant to a registration rights agreement we entered into at the time of the Acquisition.
These expenses aggregated to approximately $2.0 million.
RECENT SALES OF UNREGISTERED SECURITIES
None.
58