Summary
Seagate Technology plc (STX) filed a Form 8-K on September 28, 2012, to disclose significant share repurchase activity during its first fiscal quarter ended September 28, 2012. The company redeemed approximately 20.5 million ordinary shares, representing about 5% of the shares outstanding at the beginning of the quarter. This action was executed through both public and private transactions and cost approximately $668.6 million. This filing indicates a strong commitment by Seagate to returning capital to shareholders. As of the end of the quarter, the company had a substantial $1.9 billion remaining under its April 2012 share repurchase authorization, with all other prior authorizations fully utilized. The report also notes that the total outstanding shares, after accounting for redemptions and stock-based compensation, were approximately 386 million as of September 28, 2012.
Key Highlights
- 1Seagate redeemed 20.5 million ordinary shares in Q1 FY2013 for approximately $668.6 million.
- 2The share redemptions represented about 5% of shares outstanding at the beginning of the fiscal quarter.
- 3As of September 28, 2012, Seagate had $1.9 billion in remaining share repurchase authorization.
- 4All prior authorized share repurchase plans have been fully utilized.
- 5The estimated number of outstanding shares as of September 28, 2012, was 386 million.
- 6The filing was made under Regulation FD and is furnished, not deemed filed.