I thought oh what the heck. I hate being left out of all the fun here so let's confuse the issue as much as possible. The following is extracted from a Cardinal Health spin off document FAQ.
SIO
FREQUENTLY ASKED QUESTIONS BY SHAREHOLDERS ABOUT THE SPINOFF OF CAREFUSION CORPORATION FROM CARDINAL HEALTH
Q1.) What is the distribution date for the spinoff of CareFusion?
A1) Cardinal Health has announced that the distribution of shares of CareFusion common stock will be made after the close of trading on August 31 to Cardinal Health’s shareholders of record as of 5:00 p.m. EDT on August 25, the record date for the spinoff. Cardinal Health will distribute 0.5 share of CareFusion common stock for each common share of Cardinal Health outstanding as of the record date. Shareholders will receive cash in lieu of fractional shares of CareFusion common stock.
Q2.) If I am a Cardinal Health shareholder on the record date, do I need to take any action to receive my shares of CareFusion common stock?
A2.) No action is required by Cardinal Health shareholders as of the record date to receive their shares of CareFusion common stock in the spinoff. The distribution agent, transfer agent, and registrar for CareFusion common stock will be Computershare Trust Company N.A. For questions relating to the transfer or mechanics of the stock distribution, shareholders may contact Computershare, 250 Royall Street, Canton, Mass. 02021 or via phone at 877-498-8861. If shares are held by a bank, broker or other nominee, shareholders may contact, Georgeson Inc., the information agent for the distribution at 800-733-6231.
Q3.) How is trading of my Cardinal Health shares affected by the spinoff?
A3.) The number of Cardinal Health shares you own will not change as a result of the spinoff. Your Cardinal Health shares will still trade on the NYSE under its present symbol “CAH”. Cardinal Health shares that also entitle the holder to CareFusion shares after the spinoff are traded in the “Regular Way” market. Cardinal Health shares may also be traded without an entitlement to CareFusion shares, or “exdistribution”. We anticipate a specialized market known as a “When Issued” market to be established on the NYSE for trading of shares of Cardinal Health ex-distribution and shares of CareFusion common stock prior to the distribution under the symbols “CAH wi” and “CFN wi”. CAH wi shares will not be entitled to receive CareFusion shares in the spinoff.
Q4.) What is a “When Issued” market?
A4.) A “When Issued” market is a temporary market created to allow holders of Cardinal Health common shares who are expecting to receive shares of CareFusion common stock in the spinoff to separately trade each of their Cardinal Health and/or related CareFusion shares in the market. Stocks trade on a “When Issued” basis when officially they have not yet been issued, but they trade as if they have been issued. All trades that take place in the “When Issued” market are expected to settle three business days after the distribution date set by Cardinal Health.
Q5.) When does “When Issued” trading begin for CareFusion?
A5.) CareFusion has been advised that trading in its common stock is expected to begin on a "When Issued" basis shortly before the record date of August 25 under
US_ACTIVE:\43095211\02\43095211_2.DOC\33682.0003 2
the symbol "CFN wi." On August 31, "When Issued" trading is scheduled to end for both "CAH wi" and "CFN wi" and "Regular Way" trading is scheduled to begin for CareFusion common stock on September 1 under the ticker symbol "CFN."
Q6.) Do I need to sell my shares in the “When Issued” market?
A6.) The decision to sell shares and how to best accomplish a sale needs to be determined by individual investors in consultation with their personal investment advisors. As long as a person is in a position to meet certain requirements frequently associated with trading on a “When Issued” basis, there are no set rules prohibiting any individual from trading in either the “Regular Way” market or the “When Issued” market. However, given that existing holders of Cardinal Health have the ability to settle a sale of their shares in the normal three-business day period required for all trading that takes place in the “Regular Way” market, holders desiring to sell their Cardinal Health common shares and forego the right to receive shares of CareFusion common stock in the spinoff do not need to sell their shares in the “When Issued” market. Holders are encouraged to consult with their financial and tax advisors before entering a trade in either of these markets.
SIO
FREQUENTLY ASKED QUESTIONS BY SHAREHOLDERS ABOUT THE SPINOFF OF CAREFUSION CORPORATION FROM CARDINAL HEALTH
Q1.) What is the distribution date for the spinoff of CareFusion?
A1) Cardinal Health has announced that the distribution of shares of CareFusion common stock will be made after the close of trading on August 31 to Cardinal Health’s shareholders of record as of 5:00 p.m. EDT on August 25, the record date for the spinoff. Cardinal Health will distribute 0.5 share of CareFusion common stock for each common share of Cardinal Health outstanding as of the record date. Shareholders will receive cash in lieu of fractional shares of CareFusion common stock.
Q2.) If I am a Cardinal Health shareholder on the record date, do I need to take any action to receive my shares of CareFusion common stock?
A2.) No action is required by Cardinal Health shareholders as of the record date to receive their shares of CareFusion common stock in the spinoff. The distribution agent, transfer agent, and registrar for CareFusion common stock will be Computershare Trust Company N.A. For questions relating to the transfer or mechanics of the stock distribution, shareholders may contact Computershare, 250 Royall Street, Canton, Mass. 02021 or via phone at 877-498-8861. If shares are held by a bank, broker or other nominee, shareholders may contact, Georgeson Inc., the information agent for the distribution at 800-733-6231.
Q3.) How is trading of my Cardinal Health shares affected by the spinoff?
A3.) The number of Cardinal Health shares you own will not change as a result of the spinoff. Your Cardinal Health shares will still trade on the NYSE under its present symbol “CAH”. Cardinal Health shares that also entitle the holder to CareFusion shares after the spinoff are traded in the “Regular Way” market. Cardinal Health shares may also be traded without an entitlement to CareFusion shares, or “exdistribution”. We anticipate a specialized market known as a “When Issued” market to be established on the NYSE for trading of shares of Cardinal Health ex-distribution and shares of CareFusion common stock prior to the distribution under the symbols “CAH wi” and “CFN wi”. CAH wi shares will not be entitled to receive CareFusion shares in the spinoff.
Q4.) What is a “When Issued” market?
A4.) A “When Issued” market is a temporary market created to allow holders of Cardinal Health common shares who are expecting to receive shares of CareFusion common stock in the spinoff to separately trade each of their Cardinal Health and/or related CareFusion shares in the market. Stocks trade on a “When Issued” basis when officially they have not yet been issued, but they trade as if they have been issued. All trades that take place in the “When Issued” market are expected to settle three business days after the distribution date set by Cardinal Health.
Q5.) When does “When Issued” trading begin for CareFusion?
A5.) CareFusion has been advised that trading in its common stock is expected to begin on a "When Issued" basis shortly before the record date of August 25 under
US_ACTIVE:\43095211\02\43095211_2.DOC\33682.0003 2
the symbol "CFN wi." On August 31, "When Issued" trading is scheduled to end for both "CAH wi" and "CFN wi" and "Regular Way" trading is scheduled to begin for CareFusion common stock on September 1 under the ticker symbol "CFN."
Q6.) Do I need to sell my shares in the “When Issued” market?
A6.) The decision to sell shares and how to best accomplish a sale needs to be determined by individual investors in consultation with their personal investment advisors. As long as a person is in a position to meet certain requirements frequently associated with trading on a “When Issued” basis, there are no set rules prohibiting any individual from trading in either the “Regular Way” market or the “When Issued” market. However, given that existing holders of Cardinal Health have the ability to settle a sale of their shares in the normal three-business day period required for all trading that takes place in the “Regular Way” market, holders desiring to sell their Cardinal Health common shares and forego the right to receive shares of CareFusion common stock in the spinoff do not need to sell their shares in the “When Issued” market. Holders are encouraged to consult with their financial and tax advisors before entering a trade in either of these markets.
