RYDER DECLARES SPIN OFF DIVIDEND OF SHARES OF AVIALL, INC.
MIAMI, Nov. 24 /PRNewswire/ -- Ryder System, Inc. (NYSE: R) today declared a special, tax-free dividend of one share of common stock of Aviall, Inc. for every four shares of Ryder common stock outstanding, it was announced by Ryder Chairman, President and Chief Executive Officer M. Anthony Burns. The dividend of Aviall stock is payable on Dec. 7, 1993 to Ryder stockholders of record on that date. Certificates for the new shares will be distributed through a mailing which is expected to commence on Dec. 14, 1993. Ryder stockholders will receive cash in lieu of fractional shares of Aviall stock. Distribution of the Aviall shares to Ryder stockholders will compete the spin off of Ryder's aviation segment, which was announced on June 30, 1993. Aviall shares are expected to begin trading on Dec. 1, 1993 on a when-issued basis on the New York Stock Exchange under the symbol AVL. "Regular" trading in both Ryder and Aviall shares is expected to start on Dec. 14, 1993. Following the distribution, Aviall will have approximately 19.3 million shares outstanding and about 19,000 shareholders. "Completion of the spin off will represent a new beginning for each of our companies," said Burns. "We expect both companies to perform well as separate entities, and we believe our companies' respective customers and our stockholders will benefit from this change." After the spin off, Ryder, which generated $4.15 billion in revenue excluding Aviall, during the 12 months ended Sept. 30, 1993, will continue to be the world's largest highway transportation services company. Following the spin off, Aviall will be a separate publicly traded company with assets of approximately $1 billion. It will be the leading independent international provider of turbine engine overhaul and repair services and of new-parts distribution to commercial airlines and to aviation customers worldwide. -0- 11/24/93 /CONTACT: Art Stone of Ryder System, 305-593-3180/ (R)
CO: Ryder System, Inc.; Aviall, Inc. ST: Florida IN: TRN AIR SU: DIV
JB-MM -- FL004 -- 7544 11/24/93 09:06 EST
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|Date:||Nov 24, 1993|
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