Logitech 2007 Annual Report Download - page 161

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LOGITECH INTERNATIONAL S.A., APPLES
NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS—(Continued)
All references to the number of shares have been adjusted to reflect the effect of the share split undertaken
by the Holding Company in July 2006.
At March 31, 2006, the Company had repurchased 14,974,514 registered shares, under the buyback program
announced in April 2004, for approximately CHF 250,000,000. The program expired at the Company’s 2006
Annual General Meeting.
In June 2005, the Board of Directors authorized the repurchase of up to CHF 300,000,000 of the Holding
Company’s registered shares. This program expires at the Company’s 2008 Annual General Meeting. At
March 31, 2007, the Company had repurchased 11,284,900 registered shares for approximately CHF 300,000,000.
In May 2006, the Board of Directors authorized the repurchase of up to USD 250,000,000 of the Holding
Company’s registered shares. This program expires at the Company’s 2009 Annual General Meeting. At
March 31, 2007, the Company had repurchased 2,725,700 registered shares for approximately USD 76,610,000.
Treasury shares are recorded as a long-term asset at the lower of cost or market value. The disposal of
treasury shares during the period was to the Company’s directors and employees under the Holding Company’s
share option and share purchase plans. The gain or loss on the disposal of repurchased treasury shares is recorded
in the statement of income.
Note 5 — Authorized and Conditional Share Capital Increases:
Share split
In June 2006, the Company’s shareholders approved a two-for-one share split whereby one share with a par
value of CHF 0.50 was converted into two shares with a par value of CHF 0.25 per share. All references to the
number of shares have been adjusted to reflect the effect of the share split undertaken by the Holding Company.
Authorized capital
In June 2006, the Company’s shareholders renewed their approval of 40,000,000 authorized registered
shares for use in acquisitions, mergers and other similar transactions, valid through the period ending June 2008.
Conditional capital
In June 1996 and June 1995, the Company’s shareholders approved the availability of 32,000,000 and
24,000,000 conditional registered shares. In June 2002, the shareholders approved the continued availability of
the aforementioned amounts and approved an additional 24,000,000 conditional registered shares. The remaining
number of conditional registered shares at March 31, 2007 was 60,661,860, which are available for issuance
upon the exercise of employee stock option or other rights granted under the Company’s employee equity
incentive plans. During fiscal years 2007 and 2006, no shares were issued from the aforementioned amounts of
conditional shares available. In fiscal years 2007 and 2006, all stock options and purchase plan commitments
were satisfied from treasury shares held by the Holding Company.
In addition to the aforementioned, the shareholders in June 2001 approved the creation of an additional
10,900,000 conditional registered shares to cover the conversion rights associated with the issue of a convertible
bond by Logitech Jersey Ltd, a subsidiary of the Holding Company. As at March 31, 2007, none of the
aforementioned conditional registered shares had been issued.
LISA-6