Seagate 2015 Annual Report Download - page 102
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SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
10.Shareholders'Equity
ShareCapital
TheCompany'sauthorizedsharecapitalis$13,500andconsistsof1,250,000,000ordinaryshares,parvalue$0.00001,ofwhich298,572,217shareswere
outstandingasofJuly1,2016,and100,000,000preferredshares,parvalue$0.00001,ofwhichnonewereissuedoroutstandingasofJuly1,2016.
Ordinaryshares—HoldersofordinarysharesareentitledtoreceivedividendswhenandasdeclaredbytheCompany'sboardofdirectors(the"Boardof
Directors").Uponanyliquidation,dissolution,orwindingupoftheCompany,afterrequiredpaymentsaremadetoholdersofpreferredshares,anyremaining
assetsoftheCompanywillbedistributedratablytoholdersofthepreferredandordinaryshares.Holdersofsharesareentitledtoonevotepershareonallmatters
uponwhichtheordinarysharesareentitledtovote,includingtheelectionofdirectors.
Preferredshares—TheCompanymayissuepreferredsharesinoneormoreseries,uptotheauthorizedamount,withoutshareholderapproval.TheBoardof
Directorsisauthorizedtoestablishfromtimetotimethenumberofsharestobeincludedineachseries,andtofixtherights,preferencesandprivilegesofthe
sharesofeachwhollyunissuedseriesandanyofitsqualifications,limitationsorrestrictions.TheBoardofDirectorscanalsoincreaseordecreasethenumberof
sharesofaseries,butnotbelowthenumberofsharesofthatseriesthenoutstanding,withoutanyfurthervoteoractionbytheshareholders.
TheBoardofDirectorsmayauthorizetheissuanceofpreferredshareswithvotingorconversionrightsthatcouldharmthevotingpowerorotherrightsofthe
holdersoftheordinaryshares.Theissuanceofpreferredshares,whileprovidingflexibilityinconnectionwithpossibleacquisitionsandothercorporatepurposes,
could,amongotherthings,havetheeffectofdelaying,deferringorpreventingachangeincontroloftheCompanyandmightharmthemarketpriceofitsordinary
sharesandthevotingandotherrightsoftheholdersofordinaryshares.
RepurchasesofEquitySecurities
OnJuly24,2013,theBoardofDirectorsauthorizedtheCompanytorepurchaseanadditional$2.5billionofitsoutstandingordinaryshares.
OnApril22,2015,theBoardofDirectorsauthorizedtheCompanytorepurchaseanadditional$2.5billionofitsoutstandingordinaryshares.
AllrepurchasesareeffectedasredemptionsinaccordancewiththeCompany'sArticlesofAssociation.
AsofJuly1,2016,$1.8billionremainedavailableforrepurchaseundertheexistingrepurchaseauthorizationlimit.
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