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
http://www.nasdaq.com/symbol/osh
Opened at $25/share. As of 10:00 am ET, it’s at $39/share.
Really low volume so far 4,858 though. The bid/ask spread is huge.
As noted at https://www.stockspinoffs.com/2012/01/orchard-supply-hardware-common-and-preferred-begin-trading-today/ OSH is settling in near $36. $35.50 right now on 14,650 traded. Hegher volume on the preferred with 72K shares traded. Looks like people may be dumping that and holding onto the common.
OSH kept moving down, and OSHSP moving up, closing at $23.53 and $1.65, repectively. I think they each have a bit more to go.