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Returning value to shareholders through share redemptions and dividends remains a top property for Seagate. In early October we completed a private share redemption transaction with Samsung of 32.7 million shares for $1.5 billion. In addition, our board last week approved raising our quarterly dividend $0.05 or 13% to $0.43 per share.

Through these activities we expect to meet our goal of returning approximately 70% of operating cash flow to shareholders this fiscal year.

Rich Kugele - Needham & Company

Okay and then last question is just Pat, what should we be assuming from a share count perspective on a blended basis for the second quarter?

Pat O’Malley

I think if you take a look at the December quarter based on what we have transacted with Samsung. It's is a 320 million for the actual shares and approximately 346 million for fully diluted and I just planned for that.


I have read that STX has a goal of getting the share count down to 250 million shares. One analyst asked if STX would still hit its goal of 250 by the end of calendar year 2014. STX did not commit to that timetable at this call. They said it would be a function of share price.

http://seekingalpha.com/article/1780032-seagate-technologys-...
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