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News Breaks
January 14, 2013
16:11 EDTCKHSeacor Holdings declares spin-off dividend of Era Group shares
SEACOR Holdings (CKH) and Era Group announced the timing and details regarding the spin-off of Era Group from SEACOR. The SEACOR board of directors has declared a pro rata dividend of the shares of Era Group common stock owned by SEACOR that will result in the complete legal and structural separation of the two companies. On the distribution date of January 31, SEACOR stockholders of record as of 5 p.m. EST on January 24, the record date for the distribution, will receive one share of Era Group common stock for every share of SEACOR common stock they hold. No action or payment is required by SEACOR stockholders to receive the shares of Era Group common stock. Stockholders who hold SEACOR common stock on the record date will receive a book-entry account statement reflecting their ownership of Era Group common stock or their brokerage account will be credited with the Era Group shares. An Information Statement containing details regarding the distribution of the Era Group common stock and Era Group's business and management following the spin-off will be mailed to SEACOR stockholders prior to the distribution date. The Era Group spin-off has been structured to qualify as a tax-free dividend to SEACOR stockholders for U.S. federal income tax purposes. SEACOR stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the Era Group spin-off.
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