Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at email@example.com in case you need any other additional information.
The separation will be achieved through the distribution of 100 per cent of the shares of Kontoor Brands to holders of VF common stock. VF shareholders entitled to receive the distribution will receive a book-entry account statement or a credit to their brokerage account reflecting their ownership of Kontoor Brands common stock.
The distribution of Kontoor Brands’ shares is expected to be completed after the market close on May 22, 2019, with VF shareholders receiving one share of Kontoor Brands common stock for every seven shares of VF common stock held at the close of business on the record date of May 10, 2019. Fractional shares of Kontoor Brands common stock will not be distributed. Any fractional share of Kontoor Brands common stock otherwise issuable to a VF shareholder will be sold in the open market on such shareholder’s behalf, and such shareholder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares.
Following the distribution of Kontoor Brands’ common stock on May 22, 2019, Kontoor Brands will be an independent, publicly traded company. Kontoor Brands has received approval for the listing of its common stock on the New York Stock Exchange under the symbol KTB.
Prior to the distribution, VF expects to mail an information statement to all shareholders entitled to receive the distribution of shares of Kontoor Brands’ common stock. The information statement will describe Kontoor Brands, including the risks of owning Kontoor Brands’ common stock and other details regarding the spin-off.
The completion of the distribution is subject to a number of customary conditions, including the Securities and Exchange Commission (SEC) having declared effective Kontoor Brands’ Registration Statement on Form 10, as amended, which Kontoor Brands has filed with the SEC.
VF expects to receive an opinion from its tax advisors confirming the tax-free status of the spin-off to VF and its stockholders (except to the extent of cash received in lieu of fractional shares).
VF expects that a 'when-issued' (WI) public trading market for Kontoor Brands’ common stock will commence on or about May 9, 2019 under the symbol “KTB WI,” and will continue through the distribution date. VF also anticipates that “regular-way” trading of Kontoor Brands’ common stock will begin on May 23, 2019, the first trading day following the distribution date.
Beginning on or about May 9, 2019, and through the distribution date, it is expected that there will be two ways to trade VF common stock – either with or without the distribution of Kontoor Brands’ common stock. VF shareholders who sell their shares of VF common stock in the 'regular-way' market (that is, the normal trading market on the NYSE under the symbol “VFC”) after the record date and on or prior to the distribution date will be selling their right to receive shares of Kontoor common stock in connection with the spin-off. It is anticipated that shares of VF common stock will also trade ex-distribution (that is, without the right to receive the Kontoor Brands distribution) during that period under the symbol “VFC WI.” Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of VF common stock on or before the distribution date. (RR)
Fibre2Fashion News Desk – India
| On 11th Aug 2020
Within days of scrapping the handloom, powerloom and handicraft...
| On 11th Aug 2020
Imports at major US retail container ports during 2020 are expected...
| On 11th Aug 2020
Apparel exports from Turkey decreased by 23.29 per cent in the first...
There might be negative impact on garment exports
Angelina Francesca Cheang
'Consumers in the age-group 21 to 38 are driving the activewear trend'
Shingora Textiles Ltd
‘In terms of fabric, the fastest growing category for us is a blend of...
<div>Xaar plc develops digital inkjet technology; it designs and...
Switzerland-based Sensient Imaging Technologies is a pioneer with a global ...
Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...
Sensoria is a leading developer of smart garments and IoMe (Internet of...
EDANA has been the leading global association and voice of the nonwovens...
MIP is a manufacturer and distributor of high-performance textiles and...
Anjali Bhaskar has an experience of 12 years in the fashion industry. She...
The Woolmark Company has partnered with handmade fashion label Péro and...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.