Rayovac 2010 Annual Report Download - page 43
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options may result in a reduction of the book value or market price of the outstanding shares of common stock. If
we do issue any such additional shares or any such options are exercised, such issuance or exercise also will
cause a reduction in the proportionate ownership and voting power of all other stockholders. As a result of such
dilution, the proportionate ownership interest and voting power of a holder of shares of common stock could be
decreased. Further, any such issuance or exercise could result in a change of control. Under our certificate of
incorporation, holders of 5% or more of the outstanding common stock or capital stock into which any shares of
common stock may be converted have certain rights to purchase their pro rata share of certain future issuances of
securities.
Spectrum Brands has historically not paid dividends on its public common stock and we do not anticipate
paying dividends on our public common stock in the foreseeable future, and, therefore, any return on
investment may be limited to the value of the common stock.
Spectrum Brands, prior to the Merger had not declared or paid dividends on its common stock since the
stock commenced public trading in 1997, we have not declared or paid dividends on our common stock since the
stock commenced public trading in 2010, and while we continue to evaluate the potential payment of dividends,
we do not currently anticipate paying dividends in the foreseeable future. The payment of dividends on
outstanding common stock will depend on earnings, financial condition and other business and economic factors
affecting us at such time as our board of directors may consider relevant, including the ability to do so under our
credit and other debt agreements. If we do not pay dividends, returns on an investment in our common stock will
only occur if the stock price appreciates.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
33