Business Context and Reporting Period
This Form 8-K Current Report was filed by The Western Union Company on August 24, 2009. The filing addresses a temporary suspension of trading under the Company's employee benefit plans due to a transition of recordkeeping duties to Schwab Retirement Plan Services, Inc., effective October 1, 2009.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is administrative in nature and does not contain financial performance data.
Material Changes
The material change reported is the implementation of a "Blackout Period" for the Western Union Stock Fund within the Company's Incentive Savings Plan and Retirement Savings Plan for Bargaining Unit Employees. During this period, participants will be unable to transfer funds, obtain loans, or receive distributions from the fund. The Western Union Stock Fund has been frozen to new investments since January 1, 2006.
Guidance, Outlook, and Risks
- Blackout Period Timing: The blackout period is expected to begin during the week of September 20, 2009, and end during the week of October 4, 2009.
- Executive Restrictions: Pursuant to Section 306 of the Sarbanes-Oxley Act and Rule 104 of Regulation BTR, directors and executive officers were notified on August 28, 2009, that they are prohibited from engaging in transactions in Company equity securities during the Blackout Period.
- Information Access: Security holders may obtain information regarding the actual beginning and ending dates of the Blackout Period by contacting the Company's Senior Counsel.
Investor Verification Checklist
- Verify the exact start and end dates of the Blackout Period, as the filing only provides expected weeks.
- Confirm the specific restrictions on the Western Union Stock Fund for plan participants.
- Review the attached Notice of Blackout Period (Exhibit 99.1) for details on executive trading prohibitions.