Virgin Media 2011 Annual Report Download - page 36

Share Repurchases
The table below summarizes our repurchases under our Board-authorized capital structure optimization
programs during 2011:
Period
Total
Number of
Shares
Purchased
Average
Price Paid
Per Share
(in U.S. dollars)
Total Number
of Shares Purchased
as Part of Publicly
Announced Plans or
Programs
Approximate
Value of
Shares that
May Yet be
Purchased
under the
2010
Program
(in Pounds
Sterling
millions)(1)
Approximate
Value of Shares
that May Yet
be Purchased
under the 2011
Program
(in Pounds
Sterling
millions)(2)
Approximate
Value of Shares
that May Yet
be Purchased
under the 2010
and 2011
Programs
(in Pounds
Sterling
millions)(1)(2)
January 1 – 31, 2011 ....... — $ — — £213.5 £ — £213.5
February1 – 28, 2011 ....... 350,000 27.26 350,000 207.6 — 207.6
March 1 – 31, 2011 ........ 6,825,074 27.09 6,825,074 93.5 — 93.5
April 1 – 30, 2011 ......... — — — 93.5 — 93.5
May 1 – 31, 2011 .......... 2,294,400 31.43 2,294,400 49.3 — 49.3
June 1 – 30, 2011 .......... 2,515,000 31.38 2,515,000 0.6 — 0.6
July 1 – 31, 2011 .......... — — — 0.6 625.0 625.6
August 1 – 31, 2011 ........ 4,583,400 24.85 4,583,400 — 555.7 555.7
September 1 – 30, 2011(3) . . . 10,642,712 24.74 10,642,712 — 390.8 390.8
October 1 – 31, 2011 ....... — — — — 640.8 640.8
November 1 – 30, 2011(4) . . . 13,641,254 21.99 13,641,254 — 452.7 452.7
December 1 – 31, 2011 ..... — — — — 452.7 452.7
Total ....................40,851,840 $25.03 40,851,840 £ — £452.7 £452.7
(1) On July 28, 2010, we announced a capital structure optimization program expected to include the application of, in aggregate, up to
£700 million, in part towards repurchases of up to £375 million of our common stock until August 2011 and in part towards transactions
relating to our debt and convertible debt, including related derivative transactions. On March 4, 2011, we increased the capital
optimization program to permit the full redemption of the 9.125% senior notes due 2016 on or before August 15, 2011. In the first half of
2011, the repurchases were made through open market transactions. The 2010 capital structure optimization program was completed in
July 2011.
(2) On July 27, 2011, we announced a new capital structure optimization program expected to include the application of, in aggregate, up to
£850 million, in part towards repurchases of up to £625 million of our common stock until December 31, 2012 and in part towards
transactions relating to our debt, including related derivative transactions. In addition, on October 27, 2011, we announced our intention
to expend up to a further £250 million on share repurchases from the proceeds from the sale of our UKTV companies. In the third quarter
of 2011, the repurchases were made through open market transactions and accelerated stock repurchase, or ASR, programs.
(3) On September 8, 2011, we entered into an ASR program in the amount of $250 million as a part of our 2011 capital optimization
program. We received 7,287,302 shares on September 13, 2011, 1,801,312 shares on September 22, 2011, and 1,029,098 shares on
November 11, 2011, totalling 10,117,712 shares, under this ASR. This ASR terminated on November 11, 2011. The average price paid
per share under this ASR was $24.71.
(4) On November 10, 2011, we entered into another ASR program in the amount of $300 million as a part of our 2011 capital optimization
program. We received 8,652,515 shares on November 15, 2011, 2,538,546 shares on November 18, 2011, and 2,450,193 shares on
December 20, 2011, totalling 13,641,254 shares, under this ASR. This ASR terminated on December 20, 2011. The average price paid
per share under this ASR was $21.99.
Stock Performance
The following graph compares the cumulative total return to stockholders of a $100 investment in our
common stock for the five-year period from January 1, 2007 through December 31, 2011, with a similar
investment in the Standard & Poor’s 500 Stock Index and a Peer Group Index and assumes the reinvestment of
dividends. As no published index of comparable companies currently reports values on a dividends reinvested
basis, we have created a Peer Group Index for purposes of this graph in accordance with the requirements of the
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