Friday, Brink's Co. (BCO), said that its board of directors has decided October 31 to be the distribution date for the spin-off of Brink's Home Security Holdings or BHS. Record date for the spin-off has been decided to be October 21 and the company also announced a few changes in the Board.
The Richmond, Virginia-based security services provider noted that each Brink's shareholder as on record on the close of business of October 21, will receive one share of BHS Holdings common stock for each share of Brink's stock they own.
The spin-off, being subject to a number of conditions, doesn't require Brink's shareholders to take any action or participate in it.
Brink's has also announced a series of changes, effective upon the completion of the spin-off. John Brinzo, Lawrence Mosner, Carl Sloane and Carroll Wetzel will resign from the company's Board of directors and will then become directors of BHS Holdings.
Robert Allen, currently President and CEO of Brink's home security Inc. will also serve as a director of BHS Holdings. Carl Sloane will become the non-executive chairman of the board of BHS Holdings, while Robert Strang will become a director of the Brink's company.
BCO is currently trading at $70.81, up 2.85% or $1.96, on a volume of 397,409 shares on the NYSE.
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