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SPINOFF: Synovus (SNV) and Total System (TSS)
Issue:
On 12/31/2007 Synovus Financial Corp. [SNV] distributed 0.483921 shares of Total System Services, Inc. [TSS] for each share of SNV 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 - 12/31/2007
2. Parent company - Synovus Financial Corp. [SNV]
3. Remaining basis percentage of Parent Company, [SNV] - 44.00865.
4. Number of shares held in parent company - provided by software.
5. There is one daughter company - Total System Services, Inc. [TSS]
6. Number of shares of TSS received - Number of shares owned in SNV multiplied by 0.483921 (include fractional shares).
7. Price per share of daughter company - $28.
8. Cash received in lieu of fractional shares - take from broker statement.
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