Rayovac 2009 Annual Report Download - page 32

Table of Contents
Index to Financial Statements
Spectrum Brands, Inc. has historically not paid dividends on its public common stock, and, therefore, any return on investment may be limited to the
value of the common stock.
Spectrum Brands, Inc. has not declared or paid dividends on its common stock since the stock commenced public trading in 1997, and we do not
anticipate paying dividends in the foreseeable future. The payment of dividends on outstanding common stock will depend on earnings, financial condition
and other business and economic factors affecting us at such time as Spectrum Brands, Inc.’s board of directors may consider relevant, including the ability
to do so under Spectrum Brands’ credit and other debt agreements. If Spectrum Brands, Inc. does not pay dividends, returns on an investment in its common
stock will only occur if the stock price appreciates.
Limited influence of minority holders of Spectrum Brands, Inc.’s common stock.
We would note that if holders of the common stock constituting a majority were to determine to act in concert with respect to any proposal or other
item requiring a stockholder vote, other stockholders would then be unable to affect the outcome of such stockholder vote. As of December 21, 2009, we
had no knowledge of any such determination to act in concert.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
29