SPINOFF: Cypress Semiconductor (CY) & Sunpower (SPWRB)

Issue:

On 9/29/2008 Cypress Semiconductor Corporation [CY] distributed 0.27426764 shares of Sunpower Corp [SPWRB] for each share of CY owned in a regular spinoff.

Cause:

This is a normal spinoff. Normally, the companies involved in a spinoff provide the pertinent facts on their website. They did not do this in this case. Charles Schwab has provided some of the statistics, including the remaining basis percentage at http://www.schwabpt.com/resources/actions/library/CY_SPWRB_29Sept08.pdf

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 - 9/29/2008
2. Parent company - Cypress Semiconductor Corporation (CY) [CY]
3. Remaining basis percentage of Parent Company, [CY] - 21.61.
4. Number of shares held in parent company - provided by software.
5. There is one daughter company - Sunpower Corp [SPWRB]
6. Number of shares of SPWRB received - This will be the number of shares owned in CY multiplied by 0.27426764 (make sure to include fractional shares).
7. Price per share of daughter company - $75.69.
8. Cash received in lieu of fractional shares - take from broker statement.