CLEVELAND, Sept. 18, 2017 /PRNewswire/ -- NACCO Industries,
Inc. (NYSE: NC) today announced that the Board of Directors
declared a stock dividend of one share of Hamilton Beach Brands
Holding Company ("Hamilton Beach Holding") Class A common stock and
one share of Hamilton Beach Holding Class B common stock for each
share of NACCO Industries, Inc. Class A or Class B common stock
outstanding on the record 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 29, 2017 to stockholders of record at
the close of business on September 26,
2017. The distribution has been structured to qualify as a
tax free dividend to NACCO shareholders for U.S. federal income tax
purposes.
Hamilton Beach Holding has filed an application to list its
Class A common stock on the New York Stock Exchange under the
trading symbol "HBB". Hamilton Beach Holding Class B common stock
will not be listed on the New York Stock Exchange and each share is
convertible into one share of Hamilton Beach Holding Class A common
stock at any time without cost at the option of the holder. 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. Any holder of NACCO Class A common shares who
sells such shares in the "regular-way" market on or before
September 29, 2017 will also be
selling the entitlement to receive shares of Hamilton Beach Holding
in respect of such shares. It is expected that a "when-issued"
trading market for Hamilton Beach Holding Class A common shares
will develop before the record date. Even though "when-issued"
trading may develop, none of these trades will settle before the
distribution date, and if the spin-off does not occur, all
"when-issued" trading will be null and void. Investors are
encouraged to consult with their financial advisors regarding the
specific consequences of trading NACCO or Hamilton Beach Holding
common shares on or before the distribution date.
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SOURCE NACCO Industries, Inc.