Market Information
Our common shares have been listed on the New York Stock Exchange (“NYSE”) under the symbol “DOOR” since September 9, 2013 . Prior to that time, there was no public market for our common shares, although our common shares were quoted on the OTC Grey Market under the symbol “MASWF” from June 2009 until our listing on the NYSE. The following table sets forth the high and low sales prices per share of our common stock as reported on the NYSE for the periods indicated:
__________
(1) Represents the period from September 9, 2013, the date of initial listing of our common shares, through September 29, 2013, the end of our fiscal third quarter.
Holders
As of February 24, 2014, we had two record holders of our common shares, including Cede & Co., the nominee of the Depository Trust Corporation.
Dividends
We do not intend to pay any cash dividends on our common shares for the foreseeable future and will retain earnings, if any, for future operations, expansion and debt repayment. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, our results of operations, liquidity requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. In addition, our ability to pay dividends is limited by covenants in our ABL Facility and in the indenture governing our senior notes. Future agreements may also limit our ability to pay dividends. See Note 7 to our audited consolidated financial statements contained elsewhere in this Annual Report for restrictions on our ability to pay dividends.
On May 17, 2011 , we declared a return of capital to shareholders in the amount of $4.54 per share. The return of capital totaled $128.1 million , of which $124.9 million was paid on June 30, 2011 , to shareholders of record as of May 17, 2011 . The remaining $3.2 million was allocated to holders of restricted stock units in accordance with the underlying restricted stock unit agreements and will be paid when the underlying restricted stock units vest and are delivered.
36
2013
High Low
Third quarter (September 9 - September 29) (1) $
52.75 $ 46.38
Stock Performance Graph
The following graph depicts the total return to shareholders from September 9, 2013 , the date our common shares became listed on the NYSE, through December 29, 2013 , relative to the performance of the Standard & Poor's 500 Index and the Standard & Poor's 1500 Building Products Index . The graph assumes an investment of $100 in our common stock and each index on September 9, 2013, and the reinvestment of dividends paid since that date. The stock performance shown in the graph is not necessarily indicative of future price performance.
Comparison of Cumulative Total Stockholder Return
Masonite International Corporation, Standard & Poor's 500 Index and Standard & Poor's 1500 Building Products Index .
(Performance Results Through December 29, 2013 )
Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
Equity Securities
During the year ended December 29, 2013 , we granted to certain of our employees 324,358 restricted stock units. During the year ended December 30, 2012 , we granted to certain of our employees 47,000 stock appreciation rights and 491,980 restricted stock units. During the year ended January 1, 2012 , we granted to certain of our employees 383,789 stock appreciation rights and 263,437 restricted stock units. These securities were issued under our equity incentive plans without registration in reliance on the exemptions afforded by Section 4(2) of the Securities Act and Rule 701 promulgated thereunder.
September 9, 2013 December 29, 2013
Masonite International Corporation $ 100.00 $ 114.49
Standard & Poor's 500 Index 100.00 113.98
Debt Securities
On April 15, 2011 , we issued $275.0 million aggregate principal amount of 8.25% Senior Notes due 2021 at a price of 100.0% of their face value, resulting in approximately $265.5 million of net proceeds, which were used for general corporate purposes, including acquisitions. The initial purchasers for the notes issued April 15, 2011 , were Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Deutsche Bank Securities, Inc. and RBC Capital Markets, LLC.
On March 9, 2012 , we issued $100.0 million aggregate principal amount of 8.25% Senior Notes due 2021 in a follow-on offering at a price of 103.5% of their face value, resulting in approximately $101.5 million of net proceeds, which were used for general corporate purposes, including acquisitions. The notes issued March 9, 2012 , are fungible with the notes issued April 15, 2011 . The initial purchasers for the notes issued March 9, 2012 , were Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC.
On January 21, 2014 , we issued $125.0 million aggregate principal amount of 8.25% Senior Notes due 2021 in a follow-on offering at a price of 108.75% of their face value, resulting in approximately $137.2 million of net proceeds, which will be used for general corporate purposes, including acquisitions. The notes issued January 21, 2014 , are fungible with the notes issued April 15, 2011 , and the notes issued March 9, 2012 . The initial purchaser for the notes issued January 21, 2014 , was Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Each of these transactions was made for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to buyers outside the United States pursuant to Regulation S under the Securities Act.
Repurchases of Equity Securities by the Issuer and Affiliated Purchasers
None.