ALLETE Completes Separation of Automotive Business.DULUTH, Minn. -- ALLETE, Inc. (NYSE NYSE See: New York Stock Exchange :ALE) today completed the spin-off of ADESA, Inc. (NYSE:KAR). As anticipated, ALLETE distributed to its shareholders one share of ADESA common stock for each share of ALLETE common stock they owned as of the record date of September 13, 2004. Shareholders will receive a cash payment for any fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. . The distribution was structured to qualify as a tax-free stock dividend and was done in book-entry form. Also, as anticipated, immediately following the stock dividend disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. , ALLETE completed a one-for-three reverse split of its common stock. ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE provides energy services in the upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. and has significant real estate holdings in Florida. More information about the company is available on ALLETE's Web site at www.allete.com. The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. |
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