Sears Holdings(SHLD) issued a press release this morning announcing the completion of the Orchard Supply Hardware(OSH) spinoff.
Sears Holdings Corporation (“Holdings,” “we” or “our”) today announced that it has completed its previously announced spin-off of its interest in Orchard Supply Hardware Stores Corporation (“Orchard”). Orchard is now independent from Holdings and its Class A Common Stock will begin trading on Jan. 3, 2012 on the NASDAQ Capital Market under the ticker symbol “OSH,” and Orchard’s Series A Preferred Stock will be quoted on the OTCQB. Holdings will continue to be listed on the NASDAQ Global Select Market under the symbol “SHLD.”
The spin-off was effective at 11:59 p.m. EST on Dec. 30 , 2011. Holdings’ shareholders of record as of the close of business on Dec. 16, 2011 , the record date for the spin-off, received shares of Orchard Class A Common Stock and Orchard Series A Preferred Stock, on a pro-rata basis, that were held by Holdings immediately prior to the spin-off.
Our shares have already shown up in our brokerage account under their CUSIDs, with no value attached as they haven’t traded yet. It will be interesting to see where they go when they open on Tuesday.
Disclosure: The author owns shares in SHLD, OSH and OSH preferred
