Kimball International, Inc. (NASDAQ: KBALB) today announced that the U.S. Securities and Exchange Commission (the “SEC”) has declared effective the Form 10 Registration Statement filed by Kimball Electronics, Inc. (“Kimball Electronics”), regarding the Company’s spin-off of its Electronic Manufacturing Services (“EMS”) business. Kimball International anticipates the completion of the separation of Kimball Electronics on October 31, 2014. A copy of the Kimball Electronics Registration Statement on Form 10 is available for review at www.sec.gov and also on the Company’s investor relations page on its website at www.kimball.com.
Today’s announcement follows the approval last week by the Kimball International Board of Directors of the final distribution ratio and the declaration of a pro rata dividend in the amount of three shares of Kimball Electronics common stock for every four shares of Kimball International Class A or Class B common stock. Following the distribution of Kimball Electronics common stock shares on October 31, 2014, Kimball Electronics will be an independent, publicly-traded company.
Kimball International will continue to operate its furniture business under the Kimball brand names of Kimball Office, National Office Furniture and Kimball Hospitality.
Kimball International anticipates that, at least two days prior to the record date of October 22, 2014, trading of shares of Kimball Electronics common stock on The NASDAQ Stock Market will begin on a “when-issued” basis, under the ticker symbol “KEIVV,” and will continue up to and including the distribution date, and that “regular-way” trading of Kimball Electronics common stock, under the ticker symbol “KE,” will begin the first trading day after the distribution date.
Kimball International also anticipates that, at least two trading days prior to the record date and through the distribution date, there will be two markets in its common stock: a “regular-way” market, under the ticker symbol “KBALB,” on which shares of its common stock will trade with an entitlement to shares of Kimball Electronics common stock, to be distributed pursuant to the distribution, and an “ex-distribution” market, under the ticker symbol “KBALV,” on which shares of its common stock will trade without an entitlement to shares of Kimball Electronics common stock. Kimball International plans to change its NASDAQ trading ticker symbol from KBALB to KBAL as of the first trading day after the distribution date.
Source: Press Release, Latest Form 10
