Sunoco (SUN) Reports Distribution Ratio for Special Stock Dividend
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Sunoco, Inc. (NYSE: SUN) today announced the distribution ratio for the previously announced special stock dividend to its shareholders of its equity interest in SunCoke Energy, Inc. (NYSE: SXC). Sunoco shareholders will receive 0.53046456 of a share of SunCoke common stock for every share of SunCoke common stock held as of the close of business on January 5, 2012.
The distribution will be made on January 17, 2012, in the form of a pro rata common stock dividend to all Sunoco shareholders of record on the January 5, 2012 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.
No vote or action is required by Sunoco shareholders to receive the special stock dividend of SunCoke common stock. Sunoco shareholders of record on the record date will receive account statements reflecting their ownership interest in shares of SunCoke common stock. The SunCoke common stock issued in the distribution will be in book-entry form. Sunoco shareholders who hold their shares through brokers or other nominees will have their shares of SunCoke common stock credited to their accounts by their nominees or brokers. For additional information, registered shareholders in the United States and Canada should contact Sunoco’s transfer agent, Computershare Trust Company, N.A., 1-800-888-8494. Shareholders from outside the United States may call 1-781-575-2724. Shareholders who hold their shares through brokers or other nominees should contact their brokers or other nominees directly.
From the record date and up to and including the distribution date, there will be two markets in shares of Sunoco common stock and SunCoke common stock: (1) a “regular way” market and (2) a “when-issued” market. Shares of Sunoco common stock that trade on the regular way market will carry an entitlement to the special stock dividend of shares of SunCoke common stock. Therefore, persons who own shares of Sunoco common stock and sell those shares on the regular way market prior to or on the January 17, 2012 distribution date, also will be selling the right to receive the special stock dividend of shares of SunCoke common stock. Such persons should consult with their financial advisors regarding the specific implications of selling shares of Sunoco common stock prior to, or on, the distribution date.
The New York Stock Exchange authorized a when-issued market for Sunoco common stock, which commenced on January 3, 2012, two business days prior to the record date. Shares of Sunoco common stock trading in the when-issued market do so without the right to receive shares of SunCoke common stock in connection with the distribution. A when-issued market for the shares of SunCoke common stock to be distributed in the distribution also commenced on January 3, 2012 on the New York Stock Exchange.
The distribution will be made on January 17, 2012, in the form of a pro rata common stock dividend to all Sunoco shareholders of record on the January 5, 2012 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.
No vote or action is required by Sunoco shareholders to receive the special stock dividend of SunCoke common stock. Sunoco shareholders of record on the record date will receive account statements reflecting their ownership interest in shares of SunCoke common stock. The SunCoke common stock issued in the distribution will be in book-entry form. Sunoco shareholders who hold their shares through brokers or other nominees will have their shares of SunCoke common stock credited to their accounts by their nominees or brokers. For additional information, registered shareholders in the United States and Canada should contact Sunoco’s transfer agent, Computershare Trust Company, N.A., 1-800-888-8494. Shareholders from outside the United States may call 1-781-575-2724. Shareholders who hold their shares through brokers or other nominees should contact their brokers or other nominees directly.
From the record date and up to and including the distribution date, there will be two markets in shares of Sunoco common stock and SunCoke common stock: (1) a “regular way” market and (2) a “when-issued” market. Shares of Sunoco common stock that trade on the regular way market will carry an entitlement to the special stock dividend of shares of SunCoke common stock. Therefore, persons who own shares of Sunoco common stock and sell those shares on the regular way market prior to or on the January 17, 2012 distribution date, also will be selling the right to receive the special stock dividend of shares of SunCoke common stock. Such persons should consult with their financial advisors regarding the specific implications of selling shares of Sunoco common stock prior to, or on, the distribution date.
The New York Stock Exchange authorized a when-issued market for Sunoco common stock, which commenced on January 3, 2012, two business days prior to the record date. Shares of Sunoco common stock trading in the when-issued market do so without the right to receive shares of SunCoke common stock in connection with the distribution. A when-issued market for the shares of SunCoke common stock to be distributed in the distribution also commenced on January 3, 2012 on the New York Stock Exchange.
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