MoneyGram 2008 Annual Report Download - page 29

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Table of Contents
PART II
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the New York Stock Exchange under the symbol MGI. No dividends were declared by our Board of
Directors in 2008. Our Board of Directors declared quarterly cash dividends totaling $0.20 per share of common stock during 2007. See
"Management's Discussion and Analysis of Financial Condition and Results of Operations — Mezzanine Equity and Stockholders'
Deficit" and Note 13 — Stockholders' Deficit of the Notes to Consolidated Financial Statements. As of February 23, 2009, there were
14,547 stockholders of record of our common stock.
The high and low sales prices for our common stock for fiscal 2008 and 2007 were as follows:
2008 2007
Fiscal Quarter High Low High Low
First $ 14.27 $ 1.57 $ 32.24 $ 27.16
Second $ 2.03 $ 0.90 $ 30.08 $ 26.71
Third $ 1.94 $ 0.98 $ 30.67 $ 19.76
Fourth $ 1.60 $ 0.85 $ 24.90 $ 13.69
On November 18, 2004, our Board of Directors authorized a plan to repurchase, at our discretion, up to 2,000,000 shares of MoneyGram
common stock on the open market. On August 18, 2005, our Board of Directors increased its share buyback authorization by
5,000,000 shares to a total of 7,000,000 shares. On May 9, 2007, our Board of Directors increased its share buyback authorization by an
additional 5,000,000 shares to a total of 12,000,000 shares. These authorizations were announced publicly in our press releases issued on
November 18, 2004, August 18, 2005 and May 9, 2007, respectively. The repurchase authorization is effective until such time as the
Company has repurchased 12,000,000 common shares. MoneyGram common stock tendered to the Company in connection with the
exercise of stock options or vesting of restricted stock are not considered repurchased shares under the terms of the repurchase
authorization. As of December 31, 2008, we have repurchased 6,795,000 shares of our common stock under this authorization and have
remaining authorization to repurchase up to 5,205,000 shares. The Company has not repurchased any shares since July 2007, other than
in connection with employees' exercise of stock options. However, the Company may consider repurchasing shares from time-to-time,
subject to limitations in our debt agreements.
We completed a Capital Transaction on March 25, 2008, as described in "Management's Discussion and Analysis of Financial Condition
and Results of Operations — Liquidity and Capital Resources — Impact of the Credit Market Disruption" as well as Note 12 —
Mezzanine Equity and Note 10 — Debt of the Notes to Consolidated Financial Statements. The terms of our debt agreements place
significant limitations on the amount of restricted payments we may make, including dividends on our common stock. With certain
exceptions, we may only make restricted payments in an aggregate amount not to exceed $25.0 million, subject to an incremental build-
up based on our consolidated net income in future periods. As a result, our ability to declare or pay dividends or distributions to the
stockholders of the Company's common stock is materially limited at this time.
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