Seagate 2009 Annual Report Download - page 43

Table of Contents
Dividends
In 2009, we adopted a policy of no longer paying a quarterly dividend to our shareholders to enhance liquidity. The suspension of paying
quarterly dividends could cause the market price of our ordinary shares to decline significantly and our failure or inability to resume paying
dividends at historical levels could result in a persistently low market valuation of our ordinary shares. We currently do not anticipate paying a
dividend for the foreseeable future.
Our ability to pay quarterly dividends in the future will be subject to, among other things, general business conditions within the disk drive
industry, our financial results, the impact of paying dividends on our credit ratings and legal and contractual restrictions on the payment of
dividends by our subsidiaries to us or by us to our ordinary shareholders, including restrictions imposed by covenants in our debt instruments.
Since the closing of our initial public offering in December 2002 up to our policy change in 2009, we have paid dividends, pursuant to our
quarterly dividend policy then in effect, totaling approximately $952 million in the aggregate. The following are dividends paid in the last two
fiscal years:
Repurchases of Our Equity Securities
On January 27, 2010, our Board of Directors authorized an Anti-Dilution Share Repurchase Program, which was publicly announced on
February 1, 2010. The repurchase program authorizes us to repurchase our shares to offset increases in diluted shares, such as those caused by
employee stock plans and convertible debt, used in the determination of diluted net income per share. The timing and number of shares to be
repurchased by us will be dependent on general business and market conditions, cash flows generated by future operations, the price of our
shares, cash requirements for other investing and financing activities, and maintaining compliance with our debt covenants. Repurchases may be
made through open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means, such as by
way of an accelerated share repurchase program, through block trades or through the purchase of call options or the sale of put options.
Additionally, there is no minimum or maximum number of shares to be repurchased under the program and the authority for the Anti-Dilution
Share Repurchase Program will continue until terminated by our Board of Directors.
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Record Date
Paid Date
Dividend per Share
August 1, 2008
August 15, 2008
$
0.12
November 7, 2008
November 21, 2008
$
0.12
February 6, 2009
February 20, 2009
$
0.03