NACCO Industries declares Hyster-Yale stock dividend
NACCO Industries, Inc., today announced that the Board of Directors declared a stock dividend of one share of Hyster-Yale Materials Handling, Inc. (“Hyster-Yale”) Class A common stock and one share of Hyster-Yale Class B common stock for each share of NACCO Industries, Inc. (“NACCO”) Class A or Class B common stock owned on the record date.
The dividend is payable on both the Class A and Class B Common Stock, and, assuming the effectiveness of the registration statement on file with the Securities and Exchange Commission, will be distributed on September 28, 2012 to stockholders of record at the close of business on September 25, 2012. The distribution has been structured to qualify as a tax free dividend to NACCO shareholders for U.S. federal income tax purposes.
Hyster-Yale has filed an application to list its Class A common stock on the New York Stock Exchange under the trading symbol “HY”. Class A common shares of NACCO will continue to trade in the “regular-way” market throughout the period leading up to and including the distribution date. Any holder of NACCO Class A common shares who sells such shares in the “regular-way” market on or before September 28, 2012 will also be selling the entitlement to receive shares of Hyster-Yale in respect of such shares. It is expected that a “when-issued” trading market for Hyster-Yale Class A common shares will develop before the record date if the NYSE approves Hyster-Yale’s application for listing.
Even though “when-issued” trading may develop, none of these trades will settle before the record date, and if the spin-off does not occur, all “when-issued” trading will be null and void. Investors are encouraged to consult with their financial advisors regarding the specific consequences of trading NACCO or Hyster-Yale common shares on or before the distribution date.