Seagate 2003 Annual Report Download - page 19

Table of Contents
PART II
ITEM 5.
MARKET FOR REGISTRANT
’
S COMMON STOCK AND RELATED SHAREHOLDER MATTERS
Market Information
Our common shares have traded on the New York Stock Exchange under the symbol “STX” since December 11, 2002. Prior to that time
there was no public market for our common shares. The high and low sales prices of our common shares, as reported by the New York Stock
Exchange, are set forth below for the periods indicated.
The closing price of our common shares as reported by the New York Stock Exchange on July 30, 2004 was $11.47 per share. As of July
30, 2004 there were approximately 822 holders of record of our common shares. There were no sales of our equity securities during fiscal year
2004 that were not registered under the Securities Act of 1933.
Dividends
Price Range
Fiscal Quarter
High Low
Quarter ending December 27, 2002 (commencing December 11, 2002)
$
11.78
$
9.86
Quarter ending March 28, 2003
$
12.95
$
7.78
Quarter ending June 27, 2003
$
18.49
$
9.98
Quarter ending October 3, 2003
$
28.60
$
17.45
Quarter ending January 2, 2004
$
31.35
$
16.70
Quarter ending April 2, 2004
$
21.70
$
14.99
Quarter ending July 2, 2004
$
16.26
$
11.50
On January 29, 2004, our board of directors amended our quarterly dividend policy, and pursuant to our amended policy, we increased
our quarterly distribution to our shareholders to $0.06 per share ($0.24 annually) so long as the aggregate amount of the distribution does not
exceed 50% of our cumulative consolidated net income plus 100% of net cash proceeds received from the issuance of capital for the period
beginning June 30, 2001 and ending the most recent fiscal quarter in which financial statements are internally available.
We are restricted in our ability to pay distributions by the covenants contained in the indenture governing our senior notes and the credit
agreement governing our senior secured credit facilities. Our declaration of distributions is also subject to Cayman Islands law and the
discretion of our board of directors. Under the terms of the Seagate Technology shareholders agreement, at least seven members of our board of
directors must approve the payment of distributions in excess of 15% of our net income in the prior fiscal year. In deciding whether or not to
declare quarterly distributions, our directors will take into account such factors as general business conditions within the rigid disc drive
industry, our financial results, our capital requirements, contractual and legal restrictions on the payment of distributions by our subsidiaries to
us or by us to our shareholders, the impact of paying distributions on our credit ratings and such other factors as our board of directors may
deem relevant.
Pursuant to our quarterly dividend policy, we made quarterly distributions of (i) $0.03 per share to our shareholders of record as of each
of February 14, 2003 and May 9, 2003; (ii) $0.04 per share on each of August 22, 2003 and November 21, 2003 to our shareholders of record
as of August 8, 2003 and November 7, 2003, respectively; and (iii) $0.06 per share on each of February 27, 2004 and May 21, 2004 to our
shareholders of record as of February 13, 2004 and May 7, 2004, respectively. On July 19, 2004, our board of directors declared a quarterly
distribution of $0.06 per share to be paid on or before August 20, 2004 to our shareholders of record as of August 6, 2004.
Since the closing of our initial public offering in December 2002, we have made distributions, pursuant to our quarterly dividend policy
totaling approximately $116 million in the aggregate.
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