Seacor Holdings to spin-off Seacor Marine in JuneCompany News // May 12, 2017
Seacor Holdings has confirmed it is to spin-off Seacor Marine in June this year. In a statement, Seacor’s board of directors said they had declared a pro rata dividend of the shares of Seacor Marine common stock owned by Seacor that will result in the legal and structural separation of the two companies.
On the distribution date of 1 June 2017, Seacor will issue its stockholders one share of Seacor Marine for every share of Seacor common stock they hold, multiplied by a fraction, the numerator of which is 17,671,356 and the denominator is the number of shares of Seacor common stock outstanding at the time of the spin-off, or approximately 1.007 shares of Seacor Marine common stock per share of Seacor common stock.
Seacor common stock shares will continue to trade ‘regular-way’ on the NYSE under the symbol CKH through and after the 1 June distribution date. Any holders of Seacor common stock who sell their shares regular-way on or before 1 June 2017 will also be selling their right to receive shares of Seacor Marine common stock.
It is anticipated that Seacor common stock will also trade ex-distribution (that is, without the right to receive shares of Seacor Marine common stock) on or about 18 May 2017, and continue through the distribution date, under the symbol CKH WI.
Seacor Marine common stock will begin trading on a ‘when-issued’ basis on the NYSE under the symbol SMHI WI beginning on 18 May 2017. On 2 June 2017, when-issued trading of Seacor Marine common stock will end and regular-way trading under the symbol SMHI will begin.