ERA Group Inc. Begins Trading on NYSE as an Independent Public Company Symbol "ERA"
SEACOR Holdings Inc. (NYSE: CKH) (“SEACOR”) and Era Group Inc. (“Era Group”) today announced the successful completion of the spin-off of Era Group from SEACOR, finalizing the transition to Era Group’s status as an independent public company.
Until this point a subsidiary of SEACOR, Era Group attained full independent status yesterday, January 31, 2013 at 11:59PM. Era Group begins trading on NYSE today under the symbol “ERA”.
No action or payment is required by SEACOR stockholders to receive the shares of Era Group common stock. Stockholders who held SEACOR common stock on January 24, 2013, the record date for the spin- off, and that did not subsequently trade the entitlement to their Era Group shares, will receive a book- entry account statement reflecting their ownership of Era Group common stock or their brokerage account will be credited with the Era Group shares.
The Era Group spin-off has been structured to qualify as a tax-free dividend to SEACOR stockholders for U.S. federal income tax purposes. SEACOR stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the Era Group spin-off.
Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as financial advisors for the transaction.
The products and services herein described in this press release are not endorsed by The Maritime Executive.