Can someone please help me with the Sara Lee spin-off. Here’s the thumbnail from a trade mag in one of their industries; MeatPoulty.com
DOWNERS GROVE, Ill. — The Hillshire Brands Co., the former Sara Lee Corp., has completed the separation of its international coffee and tea business.
“The completion of the D.E Master Blenders 1753 spin-off is a significant milestone for shareholders and employees as it creates two pure-play companies that will pursue success independently,” said Jan Bennink, former executive chairman of Sara Lee Corp. and chairman of the board of D.E Master Blenders 1753. “I want to thank our employees around the world for their efforts in reaching this momentous occasion.”
A distribution of all the common stock of the US subsidiary that held Sara Lee’s international coffee and tea business, known as CoffeeCo, was made to an exchange agent on behalf of the Sara Lee shareholders of record. After the distribution of the CoffeeCo common stock, CoffeeCo paid a $3 per share special dividend. After the payment of the special dividend, CoffeeCo merged with a subsidiary of D.E Master Blenders 1753 with CoffeeCo coming through the merger as a subsidiary of D.E Master Blenders 1753 and each share of CoffeeCo common stock was exchanged for one ordinary share of D.E Master Blenders 1753.
Immediately following the separation, Sara Lee completed a 1-for-5 reverse stock split of its shares of common stock and changed its name to The Hillshire Brands Co. Hillshire Brands common stock will begin “regular way” trading on the New York Stock Exchange on June 29 under the ticker symbol “HSH.” D.E Master Blenders 1753 ordinary shares will continue to trade on the NYSE Euronext Amsterdam on an “as-if-and-when-issued” basis until July 9 when shares will begin “regular way” trading under ticker symbol “DE.”
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What I’ve done so far is post a reverse 1:5 split for 6-29-12. My next step was to change the name using 6-29-12. Then I was simply going to edit the stock symbol of the result of the name change since the window for name change only provides for the new name. This may be wrong.
This would leave me with final task of providing for the $3 dividend and whatever entry necessary to create my share of the DE stocks which I believe I should treat as a spin-off (use the Spin-off entry).
A concern is that since I already created an entry for the reverse split, I may not get the correct number of shares assigned for the DE spin-off. What’s more, I may run into the same problem with the special dividend. I’m driven along these lines based on the date of entry (6-29-12) and what Quicken has recorded a the number of shares at that time... which would be only a fifth of what I had on 6-28-12.
I would be grateful to anyone who could lay out the correct sequence of entries necessary and – if I’m made an error so far – give me instructions on how to back myself out or correct what I’ve done.
DOWNERS GROVE, Ill. — The Hillshire Brands Co., the former Sara Lee Corp., has completed the separation of its international coffee and tea business.
“The completion of the D.E Master Blenders 1753 spin-off is a significant milestone for shareholders and employees as it creates two pure-play companies that will pursue success independently,” said Jan Bennink, former executive chairman of Sara Lee Corp. and chairman of the board of D.E Master Blenders 1753. “I want to thank our employees around the world for their efforts in reaching this momentous occasion.”
A distribution of all the common stock of the US subsidiary that held Sara Lee’s international coffee and tea business, known as CoffeeCo, was made to an exchange agent on behalf of the Sara Lee shareholders of record. After the distribution of the CoffeeCo common stock, CoffeeCo paid a $3 per share special dividend. After the payment of the special dividend, CoffeeCo merged with a subsidiary of D.E Master Blenders 1753 with CoffeeCo coming through the merger as a subsidiary of D.E Master Blenders 1753 and each share of CoffeeCo common stock was exchanged for one ordinary share of D.E Master Blenders 1753.
Immediately following the separation, Sara Lee completed a 1-for-5 reverse stock split of its shares of common stock and changed its name to The Hillshire Brands Co. Hillshire Brands common stock will begin “regular way” trading on the New York Stock Exchange on June 29 under the ticker symbol “HSH.” D.E Master Blenders 1753 ordinary shares will continue to trade on the NYSE Euronext Amsterdam on an “as-if-and-when-issued” basis until July 9 when shares will begin “regular way” trading under ticker symbol “DE.”
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What I’ve done so far is post a reverse 1:5 split for 6-29-12. My next step was to change the name using 6-29-12. Then I was simply going to edit the stock symbol of the result of the name change since the window for name change only provides for the new name. This may be wrong.
This would leave me with final task of providing for the $3 dividend and whatever entry necessary to create my share of the DE stocks which I believe I should treat as a spin-off (use the Spin-off entry).
A concern is that since I already created an entry for the reverse split, I may not get the correct number of shares assigned for the DE spin-off. What’s more, I may run into the same problem with the special dividend. I’m driven along these lines based on the date of entry (6-29-12) and what Quicken has recorded a the number of shares at that time... which would be only a fifth of what I had on 6-28-12.
I would be grateful to anyone who could lay out the correct sequence of entries necessary and – if I’m made an error so far – give me instructions on how to back myself out or correct what I’ve done.