BBX Capital Corporation Provides Update Regarding Trading of its Class A Common Stock and Class B Common Stock Pending Completion of the Spin-Off of BBX Capital Florida LLC

Nachrichtenquelle: Business Wire (engl.)
18.09.2020, 22:05  |  115   |   |   

BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (“BBX Capital” or the “Company”) announced today that, during the period commencing with the opening of trading on September 21, 2020 and ending on the close of trading on September 30, 2020, the contemplated distribution date for the Company’s previously announced proposed spin-off of BBX Capital Florida LLC, the Company’s Class A Common Stock and Class B Common Stock will continue to trade “regular way” on the New York Stock Exchange and OTCQX, respectively, but on a “due-bills” basis.

Prior to the spin-off, BBX Capital Florida LLC will be converted into a Florida corporation named BBX Capital, Inc. (“New BBX Capital”). If the spin-off is completed, the Company will distribute to its shareholders one share of New BBX Capital’s Class A Common Stock for each share of the Company’s Class A Common Stock held of record as of the close of trading on September 22, 2020, the record date for the distribution, and one share of New BBX Capital’s Class B Common Stock for each share of the Company’s Class B Common Stock held of record as of the close of trading on September 22, 2020. Shareholders of the Company will also retain their shares of the Company’s Class A Common Stock and/or Class B Common Stock.

A trade with due-bills represents an assignment of the right to receive the shares of New BBX Capital’s Class A Common Stock or Class B Common Stock, as applicable. Accordingly, shareholders of the Company who sell shares of the Company’s Class A Common Stock or Class B Common on or after September 21, 2020 through the close of trading on September 30, 2020 (the “due-bill period”) will also be selling their right to receive the shares of New BBX Capital’s Class A Common Stock or Class B Common Stock, respectively, to be distributed to the Company’s shareholders in connection with the spin-off. The "Ex-Distribution" date for the distribution of shares of New BBX Capital’s Class A Common Stock and Class B Common Stock in connection with the spin-off will be October 1, 2020. There will not be “when-issued” trading of New BBX Capital’s Class A Common Stock or Class B Common Stock.

Buyers and sellers of the Company’s Class A Common Stock or Class B Common Stock during the due-bill period should consult with their broker in connection with any proposed transaction in the Company’s Class A Common Stock or Class B Common Stock during the due-bill period to be sure they understand the specific implications of the transaction and the due-bill procedures.

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