Record a Spinoff in myICLUB.com

The following steps describe the basic steps for entering a spinoffin myICLUB.com.

For information on specific Spinoffs, please see the Spinoff section of the FAQ site at:

https://www.iclub.com/faq/Home/Category?id=28


Information required to enter any spinoff:

  • Total shares owned of the parent company
    • Provided by the software
  • Shares received in daughter company, including any fractional shares
    • From the broker statement
  • Cash received
    • From the broker statement
  • Price per share for daughter company
    • From any stock quote provider, like https://finance.yahoo.com
  • Number of daughter companies
    • From the company's Investor Relations
  • Spinoff date
    • From the company's Investor Relations
  • Remaining Basis Fraction of Parent Company. (Examples: .94524, 94.524%)
    • From the company's Investor Relations. If the information you receive on the spinoff only gives you the Child basis fraction, subtract this from 1 to get the Parent Remaining Basis Fraction.
  • Fractional shares
    • Most broker statements only give you the whole shares, selling off the fractional shares for cash. You may have to calculate the fractional shares. For example, if you owned 39 shares of Stock ABC, each holder of ABC received 1 share of XYZ for every 10 shares of ABC they held. The club gets 3.9 shares of XYZ, and the 0.9 shares are sold off at the going rate of XYZ on the date of the merger. If that's $20, the club gets $18 cash-in-lieu.

To enter a normal Spinoff transaction in Club Accounting Online

1) Select Accounting > Securities > Spinoff

2)Date- type the date directly into the Date field.

3)Parent Company from the drop-down list, choose the Parent company, the one that issued the spinoff.

4)Number of Daughter Companies In general, this is just one. If you received stock in more than one company as a result of this spinoff, record the number of companies in which you received stock.

Click continue to move to the next page.

5)Price per Share skip this step.

6)Remaining Basis Percentage Click the radio button and enter the remaining basis percentageas a percentage (XX.XX%), as provided by the Parent's Investor Relations.

7)Symbol of the new company Enter the ticker for the daughter company.

8)Shares Received Click in the field to enter the number of shares received. You must include any fractional shares if cash was received for that fractional share. Club Accounting will then automatically enter a Sell transaction for the fractional share for you for the amount entered in the Cash Received field. For the example above, you would enter 3.9 shares, not just 3 shares, even if your broker statement says only 3 shares.

9)Price per Share Enter the price of a single share of the daughter company on the day of the spinoff.

10)Cash Received Enter any cash received in place of a fractional share. Club Accounting will then automatically enter a Sell transaction for the fractional share for you for this amount and any fractional share entered in theShares Receivedfield. The transaction cannot be saved if an amount is entered here but no fractional share is included in theShares Receivedfield.

10)Account- select the account to receive any cash-in-lieu from this transaction. The dropdown list includes all active accounts.

Click Submit to complete the transaction