Attention - ATT and AWE stockholders!!!!
| HelpRegister |
Attention - ATT and AWE stockholders!!!! There has been
many questions of late in association with transactions related to ATT (T)
stock. In some cases shareholders have mistaken which of the
following two transactions they've participated in. The first
transaction was strictly a voluntary transaction. In other words,
those who did not participate in the first transaction did participate in the
second transaction. It is important to recognize which transaction
is applicable to your club, as an ATT shareholder, and enter the transaction
appropriately in bivio or whatever accounting software that you
use.
In May/June 2001 ATT made a voluntary offering to exchange T shares for AWE
(AT&T Wireless tracking shares). This exchange was offered
at 1.176 AWE for each share of T. More details are available at....
http://www.att.com/press/item/0,1354,3759,00.html
. It is important to realize that even though ATT calls
this a spin-off, the investor exchanged their shares of T for shares in
AWE. In your accounting software simply treat this as though T was
merged into AWE.
Subsequently, AT & T then decided to "redeem AT&T Wireless tracking shares (NYSE:AWE) and convert the shares into AT&T Wireless common stock, on a one-for-one basis" (http://www.att.com/press/item/0,1354,3858,00.html ) . In other words, they've now decided to simply make AWE a stand alone company rather than a tracking stock. In my opinion, since the exchange of the tracking shares for the common stock is 1 for 1, there is no accounting impact for those shareholders who previously exchanged their T into AWE shares. On July 9th the remaining shares of AWE held by AT&T were spun-off to
those who did not take part in the earlier exchange and remained as AT&T
shareholders as of the June 22, 2001 record date. This July 9th
transaction should be entered into bivio as a
Spin-off. For specific instructions please see....
https://www.bivio.com/trez_talk/mail-msg?t=15568700003
|
|
||||||