United Airlines 2009 Annual Report Download - page 36

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Table of Contents
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES.
The following table sets forth the ranges of high and low sales prices per share of UAL common stock, which trades on a NASDAQ market under the
symbol “UAUA,” during the last two completed fiscal years.
2009 2008
High Low High Low
1st quarter $ 12.88 $ 3.45 $ 41.47 $ 19.71
2nd quarter 6.90 3.08 24.87 5.22
3rd quarter 9.77 3.07 15.84 2.80
4th quarter 13.33 6.23 16.73 4.55
There is no trading market for the common stock of United. UAL and United did not pay any dividends in 2009. In December 2007, UAL’s Board of
Directors approved a special distribution of $2.15 per common share, or approximately $257 million, which was paid on January 23, 2008 to holders of record of
UAL common stock as of January 9, 2008 and is characterized as a return of capital for tax purposes. Under the provisions of the Amended Credit Facility and
the terms of certain of our other debt agreements, the Company’s ability to pay distributions on or repurchase UAL common stock is restricted. However, the
Company may undertake an additional $243 million in shareholder initiatives without any additional prepayment of the Amended Credit Facility, provided that
all covenants within the Amended Credit Facility are met. In addition, the agreement provides that the Company can carry out further shareholder initiatives in an
amount equal to future term loan prepayments, provided the covenants are met. See Note 11, “Debt Obligations and Card Processing Agreements,” in the
Footnotes for more information related to dividend restrictions under the Amended Credit Facility. Any future determination regarding dividend or distribution
payments will be at the discretion of the Board of Directors, subject to applicable limitations under Delaware law.
Based on reports by the Company’s transfer agent for UAL common stock, there were approximately 1,426 record holders of its UAL common stock as of
February 15, 2010.
32