Subscribe to our free, weekly email newsletter!


NACCO Industries declares Hyster-Yale stock dividend

Distribution has been structured to qualify as tax-free dividend.
By Modern Materials Handling Staff
September 13, 2012

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.

Subscribe to Modern Materials Handling magazine

Subscribe today. It's FREE!
Find out what the world’s most innovative companies are doing to improve productivity in their plants and distribution centers.
Start your FREE subscription today!

Recent Entries

Materials handling among fastest-growing segments as 2015 orders increased 14% in units and 11% in dollars over 2014's record year.

Prevent unwelcome and unpleasant surprises in a new installation or upgrade that can cause setbacks in your schedule and budget.

MagneMotion specializes in intelligent conveying systems used in automotive, general assembly, packaging and material handling applications.

Certification enables participants to build and sustain a maintenance program, establish KPIs, increase productivity and build a problem-solving culture.

Estimate comes in higher than the 10-year average of 2.7%, but falls short of the NRF’s 2015 estimate of 4.1%.

About the Author

Josh Bond, Senior Editor
Josh Bond is Senior Editor for Modern, and was formerly Modern’s lift truck columnist and associate editor. He has a degree in Journalism from Keene State College and has studied business management at Franklin Pierce University.


© Copyright 2016 Peerless Media LLC, a division of EH Publishing, Inc • 111 Speen Street, Ste 200, Framingham, MA 01701 USA