I did review the discussion but it didn't help! Split Adjustment 1. Wabtec's management certainly thinks it got a great deal. New and overhauled GE locomotives come laden with sensors monitoring between 50 and 250 parameters, including vibrations, engine temperature, voltage and pressure. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. It is suggested that the shipment be insured for 2% of the current value of the shares. I received the following email from GE Investor Relations. I am certainly no expert in how index membership decisions are made, but its worth watching. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? Return calculations do not include reinvested cash dividends. Raymond T. Betler, Wabtecs president and CEO, said: We are very excited to complete the merger of our two companies. WAB ranks lowest in Sentiment; there it ranks in the 29th percentile. All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). Press ESC to cancel. Rafael Santana, who served as president and CEO of GE Transportation and is now president and CEO of Wabtecs Freight segment, said: Our shared focus on innovation, collaboration and continuous improvement will enable us to unlock new value for our shareholders, customers, employees and the industry. Any idea how much and when it will show up? The letter of instruction must be accompanied by a Legal Transfer Form bearing the appropriate signature(s). Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. By embracing diverse teams and perspectives, we are better equipped to build a world that works. I expect 25 shares of the Wabtec stock based on my shares of GE, but I dont know when I will get them and how will they come to me. Based on Wabtecs stock price on April 19, 2018, the last unaffected trading day prior to media speculation regarding a potential transaction, the value of the transaction is approximately $11.1 billion. Invest better with The Motley Fool. A registered shareholder is the owner of record on the books of the corporation, generally kept by the transfer agent. Wabtec shareholders own approximately 50.8% of Wabtec on a fully diluted basis and GE shareholders own approximately 24.3% of Wabtec on a fully diluted basis. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction. To view a copy of the presentation that will be discussed during the call, click on the Press Releases tab under About Us and click on the press release titled Wabtec and GE Transportation to Merge. The presentation will be included at the end of the press release on the website. Making the world smarter, happier, and richer. (If your numbers are universal, you bought Wabtec for 73.96/sh and sold the fractional for 72.7631/sh netting a short-term loss of $1.1969/Wabtec share). Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. The exchange ratio for the combined Spin-off/merger transaction is 0.005371, meaning participating GE shareholders will receive 0.005371 shares of Wabtec common stock for each outstanding share of GE common stock held. The strategic combination of complementary portfolios is expected to: Create a leading equipment, aftermarket services and digital solutions provider across the transportation sector: The company can accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency and competitiveness. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. For the fiscal year ending December 31, 2017, Wabtec generated approximately Were continuing to do all we can to support our customers and employees during this unprecedented time. Generate growth opportunities through the extensive installed base and attractive global footprint: The combined company will be a leading global freight and transit rail provider with more than 23,000 locomotives in its global installed base and content on virtually all locomotives and freight cars in North America, creating significant opportunities for aftermarket parts and services in key regions around the world. Pittsburgh, PA 15212 - USA Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. Phone: 412-825-1000 GE shares rose 2.8 percent to $15.39. At GE, we rise to the challenge of building a world that works. GE plans to sell . I just checked my Vanguard and it's still showing 18.395 shares of WAB. 773.297.0482, Wabtec Investor Contacts I agree the in-product help is in error for the taxable spinoff. How can I obtain a copy of my 1099?You may download and print a copy of a Broadridge issued 1099 by accessing your online account at investor.broadridge.com. Complementary businesses and large global installed base will create additional opportunities for cross-selling, aftermarket services growth and new solutions in a rapidly evolving industry. Offering a suite of products to help unlock the full potential of additive manufacturing. There was no explanation as to why this was done. The letter from GE HR to retirees in the RSP was not clear at all. So if you are a GE shareholder, you should have a keen interest in the rationale for the deal because you will be owning stock in Wabtec.`. On July 12, 2017, Wells Fargo Bank N.A. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE will designate for nomination three independent Board members. The costs associated with DSPPs may be higher or lower than the costs of using a broker. Box 1342 Brentwood, NY 11717 Phone:1-877-830-4936 Fax:215-553-5402 shareholder@broadridge.com. Second, it's worth noting that Wabtec is merging with GE Transportation at a cyclical low point. 30 Isabella Street Pittsburgh, PA 15212 - USA Phone: 412-825-1000 Fax: 412-825-1019. Im not sure Ameritrade is handling the action correctly. If you continue to use this site we will assume that you are happy with it. As a small GE stock owner (roughly 100 shares), I assume I will get cash in my brokerage account. Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Explore the latest stories, news, downloads, and press tools. As you can see below, existing shareholders will be rewarded with stock, as well as future cash flow and dividends from the new Wabtec. https://www.sec.gov/Archives/edgar/data/943452/000114036119001550/s002443x10_s4a.htm, https://www.quicken.com/support/how-do-i-record-corporate-spin-new-securities, https://www.sec.gov/Archives/edgar/data/40545/000119312518172907/d591170d8k.htm, https://globenewswire.com/news-release/2019/01/25/1705540/0/en/Wabtec-and-GE-Modify-Terms-of-Transaction-Expect-to-Close-By-End-of-February-2019.html, Div from GE @ $0.397239/GE share (0.005371 * 73.96), Buy (0.005371 * GE Share Quantity) shares of Wabtec for that whole dividend amount. All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Our teams have made significant progress in integration planning, and this process has only strengthened our confidence in the value creation potential of the combination. Any forward-looking statements speak only as of the date of this communication. Solutions. The GEs website under the investors tab doesnt have any mention of spinoff of the transportation business to WAB. December 10, 2021The Board of Directors of GE (NYSE: GE) today declared a $0.08 per share dividend on the outstanding common stock of the Company. First, Wabtec's management estimates that the existing company currently trades on a 2019 EV-to-adjusted EBITDA multiple of 14, but the new Wabtec (which will roughly double in size) will trade on a 2019 EV-to-adjusted EBITDA multiple of just 9, after the tax benefits and synergies start to kick in. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. I am totally confused. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. Effective immediately, Wabtec Chairman Albert J. Neupaver has been re-appointed executive chairman of the company, while Raymond T. Betler remains Wabtecs president and CEO. basis of Wabtec shares going forward. It also provides aftermarket services. Investors and security holders will also be able to obtain free copies of the documents filed by GE, Wabtec and/or SpinCo with the SEC from the respective companies by directing a written request to GE and/or SpinCo at General Electric Company, 41 Farnsworth Street, Boston, Massachusetts 02210 or by calling 617-443-3400. The respective NYSE tickers will be GE WI and WAB WI. A culture of integrity, compliance, safety, and respect for human rights, while reducing our environmental footprint. In other words, in future years, earnings should rebound strongly -- and, all things being equal, the EV/EBITDA multiple will decline. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. You will find the information under the "Plan Purchase Options" section of the website. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Sell the fractional share by the per share selling price determined by Step 5. Specifically, GE Transportation will be first distributed to GE shareholders in a "tax-free spin- or split-off; then immediately merged with Wabtec," according to the deal presentation. These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. If you do not have this information, you should call our Lost Securities Department at the 800 number on this site. Access the latest press releases, media contacts, and press tools. Transfer shares to your broker via the transfer process (see FAQ "Ownership Questions"). Registering shares in the name of a Trust requires that specific information be provided: the name of the trust and/or the maker or beneficiary and the date of the trust instrument. Those shares were also convertible, meaning Buffett could choose to convert them to common shares. Capitalize on digital/electronic technologies to develop autonomous capabilities:Bringing together GE Transportations digital solutions with Wabtecs electronic systems is expected to drive the advancement and implementation of technology solutions to improve safety, efficiency and productivity for the transportation industry. Westinghouse Air Brake Technologies has received a consensus rating of Buy. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE's ownership). Our two companies have more than 250 years of rail industry heritage, and our shared focus on safety, reliability, quality, and customer relationships will enable a smooth integration., Santana said: The combination of our two strong brands and remarkable people is an excellent fit that will create an organization well-positioned to accelerate the future of transportation. Multiply your number of GE shares on 2/25/19 by 0.005371. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The Uniform Commercial Code (UCC) entitles transfer agents and corporate issuers to receive signature guarantees to protect them against fraudulent and unauthorized transfers. Any forward-looking statements speak only as of the date of this communication. You can access your account information from our secure website by clicking on the Shareholder Login link, where you can view and manage the following: Use our Plan Wizard to make your initial investment. You should get the shares on the distribution date, February 25th. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Wabtec and GE shareholders will have ownership in a combined company with significantly expanded margins, a highly attractive growth profile based on an improved business mix, expanded global reach, and faster innovation in key growth areas. However, the company will not receive the tax benefit possible if it had less than 50% and GE held on to . Accomplished leaders building GEs legacy. Let's start by breaking out who will own what after the merger. The recent restructuring of the deal provides GE with more cash, but it also left GE as the minority owner of the combined entity. Visit the companys new website at: www.WabtecCorp.com. Original Value. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. The deal to merge GE transportation withWestinghouse Air Brake Technologies(WAB -0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders. GE Transportation With best-in-class manufacturing facilities, unmatched digital expertise, always-on global services delivery, and unrivaled product breadth and performance, Wabtec is the rail industrys one-stop shop. To listen via webcast, go to the existing Wabtec website at www.wabtec.com and click on Webcasts in the Investor Relations section. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Example: Mary Smith & Barbara Smith Jt Ten, This registration allows an appropriate portion of the shares to pass to the estate of the holder upon the holder's death rather than to the surviving tenant. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from the transaction; (2) uncertainty of the expected financial performance of the combined company following completion of the transaction; (3) failure to realize the anticipated benefits of the transaction, including as a result of integrating GE Transportation into Wabtec; (4) the ability of the combined company to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies of the combined company; (6) inability to retain and hire key personnel; (7) the risk that shareholder litigation in connection with the transaction or other settlements or investigations may result in significant costs of defense, indemnification and liability; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, industry consolidation, and changes in the financial condition or operating strategies of our customers; (10) changes in the expected timing of projects; (11) a decrease in freight or passenger rail traffic; (12) an increase in manufacturing costs; (13) actions by third parties, including government agencies; and (14) other risk factors as detailed from time to time in Wabtecs reports filed with the SEC, including Wabtecs annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. However Schwab has used Feb 25, 2019 of $76.96 (actually $76.955) calculated with the High of $80.46 + Low of $73.45 = $153.91 and divide by 2 which = $76.955 I have not spoken yet to Schwab nor to my Investment advisor. Broadridge will send you the documents necessary to obtain replacement certificates along with instructions to complete them. This information does not constitute tax advice. In the transaction, GE received about $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an. According to the earlier terms, General Electric's shareholders were to get 40.2% with 9.9% going to GE. If you own stock through a broker, sign up at Broadridge. The transit portfolio provides highly-engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort. Once you notify us of your certificate loss, we will initiate the process for you and then ask that you finalize the paperwork and submit the appropriate payment for processing. Tim WesleyTwesley [at] Wabtec [dot] comclass="spamspan" Answers to popular and relevant inquiries. The companys culture and experienced global workforce will leverage the common values of innovation, collaboration, inclusiveness, and Lean and continuous improvement, to help solve its customers toughest challenges. You will find the information under the "Dividend Payment Options" section of the website. In a nutshell, you could look at this deal as a kind of near-term "reward" for long-suffering GE shareholders, as GE's management is returning capital from GE Transportation via stock in the new Wabtec. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). Ive had a series of email exchanges with the corporate actions team at Ameritrade. In completion of the sale of Shareowner Services on February 1, 2018, its business and operations, the transfer agent appointment has been transferred to Equiniti Trust Company (EQ). Explore a career with us. To best address the business needs of our rail customers, we offer a variety of products and services through our Freight and Transit segments. The dividend calendar shows you for more than 1,000 dividend stocks in which month which company distributes its dividends. Historic cost basis in GE shares is unchanged and irrelevant to determining the Certificates will not be issued for shares held in a plan. TRANSACTION DETAILS The foregoing list of important factors is not exclusive. Contact information for general inquiries and feedback. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . Access important shareholder information. Change your elections by completing the form on your account statement and returning it to Broadridge. Note that the in-product QWin 2019 Help for a taxable spin-off would have you enter a Misc Income for the dollar value of the spin-off and an Add rather then Buy for the new shares. 30 Isabella Street Equiniti Trust Company Phone: 1-800-786-2543 (toll free) or 1-651-450-4064 Website: Shareowneronline.com Regular Mail Delivery: EQ Shareowner Services P.O. Here's the step by step, (having eliminated everything that was downloaded to you): Do you know why I would receive .395 shares on 3/1/19 after receiving 18 on 2/25/19? GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft with a global service network to support these offerings. Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one. As a result of an internal reorganization undertaken by General Electric Company, interest payments made after November 25, 2018 will be treated as U.S.-source interest for U.S. federal income tax purposes. Read the latest GE financial news releases and stories. Moreover, under the modified structure Wabtec will issue 3.3 million fewer shares than . This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. Creating the energy technologies of the future and improving the power networks that we depend on today. You can also listen to the webcast by going to Wabtecs new website at www.WabtecCorp.com and clicking on Events & Presentations in the Investor Relations section. What are the 12 general lab safety rules. GE has decided to merge GE Transportation with Wabtec. If you keep your stock with your broker in a broker account, you are a "street name" holder and are not directly registered on the company's records as maintained by the transfer agent. This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. It is headquartered in Pittsburgh, Pennsylvania. Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Tune in or catch up on GEs latest investor events and reports. Were deeply proud of GE employees around the world rising to the challenge. In some cases additional documents will be required to complete the transfer. Hope this helps. It sounds like GE structured the spinoff as a taxable event, but hard to say for sure without reading the spinoff documents. Wabtec and GE Transportation to Merge, Creating Global Leader for Rail Equipment, Services and Software (PDF). In short, GE needs cash, and many investors may have preferred a deal with a higher cash component rather than the one outlined above. GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft with a global service network to support these offerings. The Motley Fool owns shares of and recommends Westinghouse Air Brake Technologies. I couldnt find it on the web. If You Do This, You Won't Have to Worry About Them, A Bull Market Is Coming: 3 Stocks to Buy Without Hesitation, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Investors are expected to benefit through ownership of a stronger, more diverse business better positioned to perform through the cycle, with expected annual double-digit EPS growth and total run-rate synergies of about $250 million estimated to be achieved by 2022. On December 2, 2015, as part of the GE Debt Assumption and as a result of the Merger, GE succeeded to GECC and assumed the obligations of GECC under all of GECC's outstanding indebtedness and other financial obligations, including: Commercial paper is short-term unsecured senior debt issued in the open market by both financial and nonfinancial companies with strong credit ratings. $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin). Phone: 412-825-1000 You can also buy GE stock through brokerage firms that act as a facilitator between individual investors and GE. Access GEs recent and historic Annual Reports and accompanying materials. Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. Please use another web browser to access this website. A custodial registration for a minor is a common form of this registration type. We are seeing growth in rail traffic and recent promising orders for new and modernized locomotives from North American Class I, Shortlines and international railroads, and are confident in the compelling long-term opportunities and synergies before us.. There are several custodial registrations possible. Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail. In connection with the proposed transaction between GE and Wabtec, Transportation Systems Holdings Inc., a wholly owned subsidiary of GE created for the transaction (SpinCo), will file with the SEC a registration statement on Form S-4/S-1 containing a prospectus or a registration statement on Form 10 and Wabtec will file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus. We will keep you updated if there is a change. That's the number of WABTEC shares you received. At GE, we rise to the challenge of building a world that works. A replay will also be available at the same link after the event. If you hold certificates that you wish to transfer, please follow the steps below: Broadridge Corporate Issuer SolutionsP.O. A notary stamp is not acceptable when transferring the ownership of stock. Today, we are a stronger, more diversified company ready to better serve customers across the globe and capitalize on new growth opportunities at an attractive point in the cycle.. 30 Isabella Street Drive increased value for shareholders: Investors are expected to benefit from ownership of a stronger, more diverse business better positioned to perform through the cycle, with expanded margins, expected average double-digit EPS growth and synergies of about $250 million. The use of a first name is desirable. Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. Upon the Merger, the obligations of GECC under its then outstanding debt obligations were assumed by GE (the "GE Debt Assumption"). the transaction has no impact on the tax basis in GE shares'. Information regarding the directors and executive officers of GE is contained in GEs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 23, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 23, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 1, 2018 and certain of its Current Reports filed on Form 8-K. Information regarding the directors and executive officers of Wabtec is contained in Wabtecs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on April 5, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 26, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 which was filed with the SEC on May 4, 2018 and certain of its Current Reports filed on Form 8-K. In a sense, GE is covering its 2018 dividend by borrowing money and relying on asset sales. Will wait to see if it stays that way or if it changes again. All Rights Reserved. Ithas also expanded heavily into software and thelucrative business of locomotive upgrades. That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. The combined company has a multi-year backlog of more than $23 billion. How can I sell my shares that are held in certificate form? Patrick, I am not a tax expert and you should certainly ask one. Thanks for the information. If you hold your shares in a brokerage account, the new shares will show up there. Wabtec Chairman, Albert J. Neupaver, has been re-appointed executive chairman; Raymond T. Betler will remain president and CEO of the merged company; Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtecs Freight Segment and Stphane Rambaud-Measson, will become president and CEO of Wabtecs Transit Segment.
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