NACCO Readies Hyster-Yale for Spin-Off

NACCO Industries said its board has declared a stock dividend of one share of Hyster-Yale Materials Handling Class A common stock and one share of Hyster-Yale Class B common stock for each share of NACCO Industries Class A or Class B common stock owned on the record date.

Hyster-Yale has filed an application to list its Class A common stock on the New York Stock Exchange under the trading symbol “HY”. Class A common shares of NACCO will continue to trade in the “regular-way” market throughout the period leading up to and including the distribution date.

The dividend is payable on both the Class A and Class B Common Stock, and, assuming the effectiveness of the registration statement on file with the Securities and Exchange Commission, will be distributed on September 28, 2012 to stockholders of record at the close of business on September 25, 2012. The distribution has been structured to qualify as a tax free dividend to NACCO shareholders for U.S. federal income tax purposes.

Any holder of NACCO Class A common shares who sells such shares in the “regular-way” market on or before September 28, 2012 will also be selling the entitlement to receive shares of Hyster-Yale in respect of such shares. It is expected that a “when-issued” trading market for Hyster-Yale Class A common shares will develop before the record date if the NYSE approves Hyster-Yale’s application for listing. Even though “when-issued” trading may develop, none of these trades will settle before the record date, and if the spin-off does not occur, all “when-issued” trading will be null and void.

To read the NACCO Industries news release click here.