Incredimail 2009 Annual Report Download - page 58

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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 $1 million of its ordinary shares. Up to March 24, 2010, the Company repurchased 346,019 ordinary shares in open market
transactions.
The distribution of dividends and the buy-
back plan is subject to limitations under Israeli law, including permitting the distribution of
dividends (and purchasing the company’s own shares) only out of profits. See “Item 10.B Memorandum and Articles of Association —
Dividend
and Liquidation Rights.” In addition, the payment of dividends is subject to Israeli withholding taxes. See “Item 10.E Taxation —
Israeli
Taxation —Taxation of our Shareholders—Taxation of Non-Israeli Shareholders on Receipt of Dividends.”
B. SIGNIFICANT CHANGES
Since the date of our audited financial statements included elsewhere in this report, there have not been any significant changes other
than as set forth in this report under Item 4.A. – "Recent Developments".
ITEM 9. THE OFFER AND LISTING
A. OFFER AND LISTING DETAILS
Our ordinary shares have been listed on the Nasdaq Capital Market since January 31, 2006 and since June 27, 2007 on the NASDAQ
Global Market (“NASDAQ”), under the symbol “MAIL”.
Our ordinary shares commenced trading as a dual listed company on the Tel Aviv
Stock Exchange (“TASE”) on December 4, 2007 under the Hebrew letters which read "EMAIL".
The following table shows, for the periods indicated, the high and low closing sale prices of our ordinarysShares as reported on the
NASDAQ and the TASE:
Nasdaq Capital Market or
Nasdaq Global Market
Tel Aviv Stock Exchange
High
($)
Low
($)
High
(NIS)
Low
(NIS)
Five most recent full financial years
2009
10.56
2.50
39.69
9.12
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
Fourth Quarter 2009
9.98
7.08
37.98
27.00
Third Quarter 2009
10.56
5.39
39.69
21.22
Second Quarter 2009
5.92
3.53
21.40
15.90
First Quarter 2009
3.76
2.50
15.88
9.12
Fourth Quarter 2008
3.58
2.00
11.93
8.23
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
Most recent six months
February 2010
8.61
7.55
32.44
29.11
January 2010
10.68
10.33
41.00
36.60
December 2009
9.98
8.85
37.98
31.22
November 2009
9.08
7.12
34.50
27.57
October 2009
9.70
7.08
36.25
27.00
September 2009
9.49
7.72
39.69
29.20
53