U-Haul 2009 Annual Report Download - page 80

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
On December 5, 2007, we announced that the Board had authorized us to repurchase up to $50.0 million of our common
stock. The stock was repurchased by the Company from time to time on the open market through December 31, 2008. The
extent to which the Company repurchased its shares and the timing of such purchases were dependent upon market
conditions and other corporate considerations. The purchases were funded from available working capital. During fiscal
2009, no shares of our common stock were repurchased, with the exception of the shares repurchased under our Odd Lot
Repurchase Program detailed below
On August 8, 2008, we announced the Board had authorized us to initiate a no-fee Odd Lot Repurchase Program (the
“Program”) to purchase AMERCO common stock held by persons who own less than 100 shares of AMERCO common
stock. The Program offer expired on December 31, 2008. The following table details the shares purchased as part of the
Program.
Period
Total # of Shares
Repurchased
Weighted
Average
Price Paid
per Share
Total $ of Shares
Repurchased as Part
of Odd Lot Program
Cumulative Plan Total 23,526 41.47$ 975,722$
On December 3, 2008, the Board authorized and directed us to amend the Employee Stock Ownership Plan (“ESOP”) to
provide that distributions under the ESOP with respect to accounts valued at no more than $1,000 shall be in the form of
cash at the sole discretion of the advisory committee, subject to a participant’s or beneficiary’s right to elect a distribution
of AMERCO common stock. The Board also authorized us, using management’s discretion, to buy back shares of former
employee ESOP participants whose respective ESOP account balances are valued at more than $1,000 but who own less
than 100 shares, at the then-prevailing market prices. No such shares have been purchased.
In March 2009, RepWest purchased shares of AMERCO Series A 8 ½% Preferred Stock on the open market for $0.9
million. RepWest may continue to make investments in AMERCO’s Preferred Shares in the future.
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