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SPINOFF: Walt Disney (DIS) and Citadel Broadcasting Corporation (CDL)
Issue:
On 6/12/2007 Walt Disney Company [DIS] distributed 0.0768 shares of Citadel Broadcasting Corporation [CDL] for each share of DIS 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 - 6/12/2007
2. Parent company - Walt Disney Company [DIS]
3. Remaining basis percentage of Parent Company, [DIS] - 98.65.
4. Number of shares held in parent company - provided by software.
5. There is one daughter company - Citadel Broadcasting Corporation [CDL]
6. Number of shares of CDL received - This will be the number of shares owned in DIS multiplied by 0.0768 (make sure to include fractional shares).
7. Price per share of daughter company - $5.9.
8. Cash received in lieu of fractional shares - take from broker statement.
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