Seagate 2002 Annual Report Download - page 32

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Consummation of Secondary Public Offering
Under the Seagate Technology shareholders agreement among New SAC, our financial sponsors and us, New SAC has demand
registration rights to request from time to time that we register and sell shares of our common stock held by New SAC. New SAC exercised
this right and on July 30, 2003, we completed the secondary public offering of 69,000,000 of our common shares, including 9,000,000 shares
subject to the over-allotment option, all of which were sold by New SAC, as selling shareholder, at a price of $18.75 per share. New SAC
received proceeds of approximately $1.3 billion, after deducting underwriting discounts and commissions of approximately $39 million. We
incurred direct expenses aggregating approximately $1 million related to the offering. New SAC distributed its net proceeds to holders of its
ordinary shares including approximately $245 million distributed to our officers and employees who hold ordinary shares of New SAC.
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