Sunoco Announces Spin-off of SunCoke Energy as Special Stock Dividend
Sunoco, Inc. (NYSE: SUN) announced today that its Board of Directors declared a special stock dividend to its shareholders of the 56,660,000 shares of common stock of SunCoke Energy, Inc. (NYSE: SXC) owned by Sunoco, representing approximately 80.94 percent of the outstanding shares of SunCoke common stock.
The distribution by Sunoco of the special stock dividend will be made on January 17, 2012 to all Sunoco shareholders of record on January 5, 2012 . The distribution will take place in the form of a pro rata common stock dividend to each Sunoco shareholder of record on the Record Date. As of November 30, 2011, Sunoco had 106,757,344 shares of its common stock outstanding.
Accordingly, Sunoco shareholders will receive approximately 0.53 of a share of SunCoke common stock for every share of Sunoco common stock held as of the Record Date. The final distribution ratio will be set on the Record Date and will be calculated by dividing the 56,660,000 shares of SunCoke common stock to be distributed by the number of shares of Sunoco common stock outstanding on the Record Date. No fractional shares of SunCoke common stock will be distributed. Instead, Sunoco shareholders will receive cash in lieu of any fraction of a share of SunCoke common stock that they otherwise would have received.
