Logitech 2014 Annual Report Download - page 227

Share Repurchases
In March 2014, the Company’s Board of Directors approved the 2014 share buyback program, which authorizes
the Company to use up to $250.0 million to purchase its own shares. The Company’s share buyback program is
expected to remain in effect for a period of three years. Shares may be repurchased from time to time on the open
market, through block trades or otherwise. Purchases may be started or stopped at any time without prior notice
depending on market conditions and other factors.
In September 2008, the Company’s Board of Directors approved the September 2008 share buyback
program for $250.0 million. In November 2011, an amendment to the September 2008 share buyback program
(“September 2008 - amended”) was approved by the Company’s Board of Directors to enable future purchases of
shares for cancellation. In August 2013, the September 2008 share buyback and September 2008 - amended share
buyback programs expired.
A summary of the approved share buyback programs are shown in the following table (in thousands, excluding
transaction costs).
Approved Repurchased
Share Buyback Program Shares Amounts Shares Amounts
March 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,311 $250,000 — —
September 2008 - amended(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,465 177,030 18,500 $170,714
September 2008(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,344 250,000 7,609 73,134
54,120 $677,030 26,109 $243,848
(1) Expired in August 2013
During fiscal year 2013, 8.6 million shares were repurchased for $87.8 million and during fiscal year 2012,
17.5 million shares were repurchased for $156.0 million. There were no share repurchases during fiscal year 2014.
During fiscal year 2013, 18.5 million of the repurchased shares were cancelled.
For further information on Logitech’s share repurchases please refer to “Additional Financial Disclosures –
Market for Logitech’s Shares, Related Shareholder Matters, and Share Repurchases” in our Annual Report.
2.4 Share Categories
Registered Shares. Logitech International S.A. has only one category of shares – registered shares with a par
value of CHF 0.25 per share. Each of the 173,106,620 issued shares carries the same rights. There are no preferential
rights. However, a shareholder must be entered in the share register of the Company to exercise voting rights and the
rights deriving therefrom (such as the right to convene a general meeting of shareholders or the right to put an item
on the meeting’s agenda). Refer to section 6 for an outline of participation rights of the Company’s shareholders.
Each share entitles its owner to dividends declared, even if the owner is not registered in the share register
of the Company. Under Swiss law, a company pays dividends upon approval by its shareholders. This request for
shareholder approval typically follows the recommendation of the Board. Until last year, other than a one-time
distribution to shareholders of additional paid-in capital out of its capital contribution reserves in fiscal year 2012,
Logitech had not paid dividends since 1996, using retained earnings to invest in the growth of the Company and,
in more recent years, to repurchase the Company’s shares. Last year, the Board proposed that, beginning with
fiscal year 2013 and subject to approval by the Company’s shareholders and statutory auditors each year, Logitech
distribute a recurring annual gross dividend. Last year, Logitech distributed a gross dividend of CHF 0.21 per
share. On November 12, 2014, the Board approved, subject to approval by the Company’s shareholders and other
Swiss statutory requirements, a dividend of CHF 0.2625 per share.
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