39 from Energizer and the sale of its interests in the receivables to  a multi-seller receivables securitization company. The SPE is not consolidated for financial reporting purposes. Energizer’s investment in the SPE is classified as Other Current Assets on the Consolidated Balance Sheet as disclosed below.  As of September 30, 2000, Energizer had sold $257.1 of outstanding accounts receivable to the SPE. The SPE sold the receivables  to an unrelated third party for $100.0 in cash and maintains a  subordinated retained interest in the remaining $157.1 of receiv- ables, which is equivalent to Energizer’s investment in the SPE. The net proceeds of the transaction were used to reduce various debt instruments. The proceeds are reflected as operating cash flows in Energizer’s Consolidated Statement of Cash Flows. Energizer’s Articles of Incorporation authorize Energizer to  issue up to 10 million shares of $.01 par value of preferred  stock. As of September 30, 2000, there were no shares of  preferred stock outstanding. On March 16, 2000, the Board of Directors declared a dividend  of one share purchase right (Right) for each outstanding share  of ENR common stock. Each Right entitles a shareholder of ENR stock to purchase an additional share of ENR stock at an exercise price of $150, which price is subject to antidilution adjustments. Rights, however, may only be exercised if a person or group has acquired, or commenced a public tender for 20% or more of the outstanding ENR stock, unless the acquisition is pursuant to a  tender or exchange offer for all outstanding shares of ENR stock  and a majority of the Board of Directors determines that the price and terms of the offer are adequate and in the best interests of shareholders (a Permitted Offer). At the time that 20% or more  of the outstanding ENR stock is actually acquired (other than in  connection with a Permitted Offer), the exercise price of each Right In September 2000, Energizer’s Board of Directors approved a share repurchase plan authorizing the repurchase of up to 5 million shares of Energizer’s common stock. At September 30, 2000, there were 300 million shares of ENR stock authorized, of which 8,013,000 shares were reserved for issuance under the 2000 Incentive Stock Plan. Energizer can redeem the Rights at a price of $.01 per Right at any time prior to the time a person or group actually acquires 20% or more of the outstanding ENR stock (other than in connection with a Permitted Offer). In addition, following the acquisition by a person or group of at least 20%, but not more than 50% of the outstanding ENR stock (other than in connection with a Permitted Offer), Energizer may exchange each Right for one share of ENR stock. Energizer’s Board of Directors may amend the terms of the Rights  at any time prior to the time a person or group acquires 20% or more of the outstanding ENR stock (other than in connection with  a Permitted Offer) and may amend the terms to lower the threshold for exercise of the Rights. If the threshold is reduced it cannot be lowered to a percentage which is less than 10%, or, if any share- holder holds 10% or more of the outstanding ENR stock at that  time, the reduced threshold must be greater than the percentage  held by that shareholder. The Rights will expire on April 1, 2010. will be adjusted so that the holder (other than the person or member of the group that made the acquisition) may then purchase a share of ENR stock at one-third of its then-current market price. If Energizer merges with any other person or group after the Rights become exercisable, a holder of a Right may purchase, at the exer- cise price, common stock of the surviving entity having a value equal to twice the exercise price. If Energizer transfers 50% or more of its assets or earnings power to any other person or group after the Rights become exercisable, a holder of a Right may purchase, at the exercise price, common stock of the acquiring entity having a value equal to twice the exercise price. (14) SHAREHOLDERS EQUITY (13) PREFERRED STOCK