Finance History|11 Wall Street — One Lock Share for Every Three Ingersoll Rand Shares
· 2013-12
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Finance History|11 Wall Street — One Lock Share for Every Three Ingersoll Rand Shares
kevin
People treat Allegion as a Dublin lock-and-door house that always printed ALLE on its own book.
The first public tape was a tax-free slice of Ingersoll Rand.
Ingersoll-Rand plc announced on 11 November 2013 the record and distribution dates for its commercial and residential security businesses. Shareholders of record on 22 November 2013 received one Allegion ordinary share for every three Ingersoll Rand ordinary shares held.
The distribution closed on 1 December 2013. Fractional shares were sold in the open market and the cash sent ratably. Regular-way trading in Allegion on the New York Stock Exchange under the letters ALLE began on 2 December 2013. When-issued prints had been scheduled from about 18 November under ALLE WI.
Ingersoll Rand's own completion release that day described Allegion as an independent company with about 2 billion dollars of annual sales in 2013 currency and more than 7,600 employees. Brands that moved with the slice included Schlage, Von Duprin, LCN, CISA, and Steelcraft.
Allegion's 2 December 2013 debut release repeated those figures and placed regional offices in Carmel, Indiana; Brussels; and Shanghai, with the listed company incorporated in Ireland. The company was already named as an S and P 500 constituent at the open.
No cash was raised for Allegion in a primary offering. Ingersoll Rand shareholders simply received a second industrial book.
The pin is the Broad Street facade of the exchange that took the letters. The trading floor is not a visitor gallery.
The mechanism is a security-hardware book carved out of a climate-and-industrial parent so two businesses could trade on separate multiples.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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