MoneyGram 2009 Annual Report Download - page 26

Table of Contents
laws have occurred. On February 11, 2008 and November 5, 2008, the Company received additional letters from the SEC requesting
certain information. The Company cooperated with the SEC on a voluntary basis.
Other Matters — On September 25, 2009, the United States District Court for the Western District of Texas, Austin returned a jury
verdict in a patent suit brought against the Company by Western Union, awarding $16.5 million to Western Union. The Company has
appealed the verdict. In connection with its agreement with the Federal Trade Commission ("FTC"), the Company is making
enhancements to its consumer anti-fraud program and has paid $18.0 million into an FTC-administered fund to refund consumers who
have been victimized through third-party fraud. The Company is continuing to cooperate with a government entity in a separate matter
involving complaints that certain individuals or entities may have used our money transfer services for fraud-induced money transfers.
Item 4. [RESERVED]
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 on our common stock were declared
by our Board of Directors in 2009 or 2008. 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 March 8, 2010, there were 13,919 stockholders of record of our common stock.
The high and low sales prices for our common stock for fiscal 2009 and 2008 were as follows:
2009 2008
Fiscal Quarter High Low High Low
First $ 1.55 $ 1.00 $ 14.27 $ 1.57
Second $ 1.78 $ 1.08 $ 2.03 $ 0.90
Third $ 3.29 $ 1.83 $ 1.94 $ 0.98
Fourth $ 3.25 $ 2.19 $ 1.60 $ 0.85
The Board of Directors has authorized the repurchase of 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. 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, 2009, 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 recapitalization on March 25, 2008, as described in "Management's Discussion and Analysis of Financial Condition and
Results of Operations", as well as Note 2 — Recapitalization 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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