Incredimail 2008 Annual Report Download - page 50

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All of the ordinary shares of the Company are entitled to an equal share in any dividends declared and paid. We have decided to reinvest the
remaining profits, particularly the tax-exempt income derived from our “Approved Enterprise” status and first distribute other income as
dividends.
On January 23, 2008 the Company announced that its Board of Directors had resolved to adopt a share buyback plan, and on March 25, 2009,
the Company announced that it had elected to continue with the second phase of this plan that authorizes the purchase of up to an additional $1
million of its ordinary shares, subject to approval from the Israeli Tax Authority which has not yet been received. As of May 31, 2009, the
Company repurchased approximately 346,019 ordinary shares in open market transactions.
The distribution of dividends and the buy-back plan is subject to limitations under Israeli law, including permitting the distribution of
dividends (and a purchasing the company’s own shares) only out of profits. See “Item 10.B Memorandum and Articles of Association – Dividend
and Liquidation Rights.” In addition, the payment of dividends may be subject to Israeli withholding taxes. See “Item 10.E Taxation – Israeli
Taxation –Taxation of our Shareholders–Taxation of Non-Israeli Shareholders on Receipt of Dividends.”
Since the date of our audited financial statements included elsewhere in this report, there have not been any significant changes other than as
set forth in this report under Item 4.A. – “Recent Developments”.
Our ordinary shares have been listed on the Nasdaq Capital Market since January 31, 2006 and since June 27, 2007 on the NASDAQ Global
Market, under the symbol “MAIL”. Our ordinary shares commenced trading as a dual listed company on the Tel Aviv Stock Exchange on
December 4, 2007 under the symbol “EMAIL”.
54
The following table shows, for the periods indicated, the high and low closing sale prices of our Ordinary Shares as reported on the Nasdaq
Capital Market or the Nasdaq Global Market, as applicable, and the Tel Aviv Stock Exchange:
B.
SIGNIFICANT CHANGES
ITEM 9.
THE OFFER AND LISTING
A.
OFFER AND LISTING DETAILS
Nasdaq Capital Market or
Nasdaq Global Market
Tel Aviv Stock Exchange
High ($)
Low ($)
High (NIS)
Low (NIS)
Five most recent full financial years
2008
5.17
2.00
20.39
8.23
2007
9.99
4.94
25.50
**
19.57
**
2006
8.65
*
4.00
*
-
-
Financial quarters during the
past two recent full financial
years
First Quarter 2009
3.66
2.30
15.88
9.11
Fourth Quarter 2008
3.60
1.86
11.93
8.22
Third Quarter 2008
3.62
3.03
12.68
10.02
Second Quarter 2008
4.30
2.94
14.25
10.20
First Quarter 2008
5.58
2.50
20.39
10.12
Fourth Quarter 2007
9.15
4.94
25.50
**
19.57
**
Third Quarter 2007
9.99
6.72
-
-
Second Quarter 2007
8.50
7.22
-
-
Most recent six months
May 2009
4.96
3.55
21.00
16.03
April 2009
3.99
3.53
16.03
15.35
March 2009
3.66
2.55
15.88
11.00
February 2009
2.99
2.52
11.50
10.00
January 2009
2.70
2.30
10.19
9.11
December 2008
2.69
2.10
9.70
8.66
* Since our IPO on January 31, 2006.