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SPINOFF: Verizon Communications, Inc. [VZ] and Idearc, Inc.[IAR]
Issue:
On 11/20/06 Verizon Communications, Inc. [VZ] distributed 0.05 shares of Idearc, Inc. [IAR] for each share of VZ owned in a regular spinoff.
Cause:
This is a normal spinoff.
Resolution:
Enter the spinoff transaction in accordance with the instructions at
http://www.iclub.com/support/kb/default.asp?page=normal_spinoff.
Here's the information you need for the spinoff:
1. Spinoff date - 11/20/06
2. Parent company - Verizon Communications, Inc. [VZ]
3. Remaining basis percentage of Parent Company, [VZ] - 96.334.
4. Number of shares held in parent company - provided by software.
5. There is one daughter company - Idearc, Inc. [IAR]
6. Number of shares of IAR received - This will be the number of shares owned in VZ multiplied by 0.05 (make sure to include fractional shares).
7. Price per share of daughter company - $26.50.
8. Cash received in lieu of fractional shares - take from broker statement.
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