Lennar Declares Dividend and Sets Dates for Millrose Spin-off
Lennar (NYSE: LEN) has announced the details of its previously disclosed taxable spin-off of Millrose Properties. The company will distribute one share of Millrose Class A or Class B common stock for every two shares of Lennar stock held by shareholders of record as of January 21, 2025. The distribution will occur before trading begins on February 7, 2025.
Millrose's Class A common stock will be listed on the NYSE under the symbol 'MRP', with 'when-issued' trading expected to begin around February 5, 2025 under 'MRP WI'. The key difference between Class A and Class B shares is voting rights: Class A shares carry one vote per share, while Class B shares carry ten votes. No trading market is expected for Class B shares.
Shareholders can elect to receive Class B shares instead of Class A shares during an election period from January 21 to February 3, 2025. The distribution will be taxable to Lennar stockholders.
Lennar (NYSE: LEN) ha annunciato i dettagli della sua già comunicata scissione tassabile di Millrose Properties. L'azienda distribuirà un'azione di Millrose di Classe A o Classe B per ogni due azioni di Lennar detenute dagli azionisti registrati al 21 gennaio 2025. La distribuzione avverrà prima dell'inizio delle contrattazioni il 7 febbraio 2025.
Le azioni ordinarie di Classe A di Millrose saranno quotate sulla NYSE con il simbolo 'MRP', con il trading 'when-issued' previsto per iniziare intorno al 5 febbraio 2025 con il simbolo 'MRP WI'. La principale differenza tra le azioni di Classe A e Classe B riguarda i diritti di voto: le azioni di Classe A conferiscono un voto per azione, mentre le azioni di Classe B conferiscono dieci voti. Non ci si aspetta un mercato di trading per le azioni di Classe B.
Gli azionisti possono scegliere di ricevere azioni di Classe B invece di azioni di Classe A durante un periodo di elezione dal 21 gennaio al 3 febbraio 2025. La distribuzione sarà soggetta a tassazione per gli azionisti di Lennar.
Lennar (NYSE: LEN) ha anunciado los detalles de su escisión sujeta a impuestos de Millrose Properties, previamente divulgados. La compañía distribuirá una acción de Millrose Clase A o Clase B por cada dos acciones de Lennar que posean los accionistas registrados al 21 de enero de 2025. La distribución ocurrirá antes de que comience la negociación el 7 de febrero de 2025.
Las acciones comunes Clase A de Millrose se listarán en la NYSE bajo el símbolo 'MRP', y se espera que el comercio 'when-issued' comience alrededor del 5 de febrero de 2025 bajo 'MRP WI'. La principal diferencia entre las acciones Clase A y Clase B son los derechos de voto: las acciones Clase A tienen un voto por acción, mientras que las acciones Clase B tienen diez votos. No se espera un mercado de negociación para las acciones Clase B.
Los accionistas pueden optar por recibir acciones Clase B en lugar de acciones Clase A durante un período de elección del 21 de enero al 3 de febrero de 2025. La distribución será sujeta a impuestos para los accionistas de Lennar.
레너(Lennar) (NYSE: LEN)는 밀로즈 프로퍼티(Millrose Properties)의 세금 과세 분할에 대한 세부 사항을 발표했습니다. 회사는 2025년 1월 21일 기준으로 레너 주식을 보유한 주주에게 레너 주식 2주당 밀로즈 클래스 A 또는 클래스 B 보통주 1주를 배당할 예정입니다. 분배는 2025년 2월 7일 거래 시작 전에 이루어질 것입니다.
밀로즈의 클래스 A 보통주는 NYSE에서 'MRP' 기호로 상장될 예정이며, 'when-issued' 거래는 2025년 2월 5일경부터 'MRP WI'로 시작될 것으로 예상됩니다. 클래스 A와 클래스 B의 주요 차이점은 의결권입니다: 클래스 A 주식은 주당 1표를 부여하는 반면, 클래스 B 주식은 10표를 부여합니다. 클래스 B 주식에 대한 거래 시장은 예상되지 않습니다.
주주들은 2025년 1월 21일부터 2월 3일까지의 선거 기간 동안 클래스 A 주식 대신 클래스 B 주식을 받을 것을 선택할 수 있습니다. 배당은 레너 주주에게 과세됩니다.
Lennar (NYSE: LEN) a annoncé les détails de sa scission taxable de Millrose Properties, précédemment divulgués. La société distribuera une action ordinaire de Millrose de Classe A ou Classe B pour chaque deux actions de Lennar détenues par les actionnaires inscrits au 21 janvier 2025. La distribution aura lieu avant le début des échanges le 7 février 2025.
Les actions ordinaires de Classe A de Millrose seront cotées sur la NYSE sous le symbole 'MRP', avec un échange 'when-issued' prévu pour commencer vers le 5 février 2025 sous 'MRP WI'. La principale différence entre les actions de Classe A et de Classe B réside dans les droits de vote : les actions de Classe A donnent droit à une voix par action, tandis que les actions de Classe B donnent droit à dix voix. Aucune marché de négociation n'est prévu pour les actions de Classe B.
Les actionnaires peuvent choisir de recevoir des actions de Classe B au lieu de Classe A pendant une période d'élection allant du 21 janvier au 3 février 2025. La distribution sera soumise à l'impôt pour les actionnaires de Lennar.
Lennar (NYSE: LEN) hat die Einzelheiten seiner zuvor angekündigten steuerpflichtigen Abspaltung von Millrose Properties bekannt gegeben. Das Unternehmen wird eine Aktie der Klasse A oder B von Millrose für jede zwei gehaltenen Lennar-Aktien an die Aktionäre ausgeben, die am 21. Januar 2025 registriert sind. Die Verteilung erfolgt vor Handelsbeginn am 7. Februar 2025.
Die Millrose-Aktien der Klasse A werden an der NYSE unter dem Symbol 'MRP' notiert, wobei erwartet wird, dass der 'when-issued'-Handel um den 5. Februar 2025 unter 'MRP WI' beginnt. Der wesentliche Unterschied zwischen Klasse A und Klasse B liegt in den Stimmrechten: Klasse A-Aktien haben ein Stimmrecht pro Aktie, während Klasse B-Aktien zehn Stimmen haben. Für Klasse B-Aktien wird kein Handelsmarkt erwartet.
Aktionäre können während eines Wahlzeitraums vom 21. Januar bis 3. Februar 2025 wählen, ob sie Klasse B-Aktien anstelle von Klasse A-Aktien erhalten möchten. Die Verteilung wird für Lennar-Aktionäre steuerpflichtig sein.
- Strategic transition towards a land-light manufacturing homebuilding model
- Shareholders receive 1 Millrose share for every 2 Lennar shares owned
- Millrose shares will be listed on NYSE, providing immediate liquidity for Class A shares
- Distribution will be taxable for shareholders
- No trading market expected for Class B shares, potentially limiting liquidity
- Spin-off remains subject to various conditions and could be cancelled by the board
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are very pleased to announce another milestone towards completing the successful spin-off of Millrose. This spin-off is a significant step in our transition to a land light manufacturing homebuilding model."
Lennar expects to distribute to its stockholders one share of Millrose Class A or Class B common stock for each two shares of Lennar Class A or Class B common stock held of record at the close of business on January 21, 2025, as more fully described below. The distribution will take place prior to the opening of trading on February 7, 2025. Persons who acquire Lennar stock after the close of business on the record date will not receive Millrose shares in the spin-off. Lennar anticipates that "when-issued" trading in Millrose Class A common stock on the NYSE will begin on or about February 5, 2025 under the symbol "MRP WI" and Millrose Class A common stock will begin "regular-way" trading on the NYSE on February 7, 2025 under the symbol "MRP."
Millrose will have two classes of stock: Class A common stock and Class B common stock. The two classes will be essentially identical, except that holders of Millrose Class A common stock will be entitled to one vote per share and holders of Millrose Class B common stock will be entitled to ten votes per share. The Class A common stock will be listed on the New York Stock Exchange under the symbol "MRP." Millrose has not applied to list its Class B common stock on any securities exchange or to have it quoted on any quotation system, and Millrose does not intend to do so. Therefore, we do not expect a trading market to develop for Millrose Class B common stock. Additional differences related to additional voting rights and lower valuation of Class B common stock are further described in the registration statement filed by Millrose.
In the distribution, all holders of Lennar Class A and Class B common stock will receive shares of Millrose Class A common stock, except to the extent that any Lennar stockholder(s) elect, during a specified election period, to receive Millrose Class B common stock instead of Millrose Class A common stock with regard to some or all of the Millrose stock to which they are entitled. The election period will begin on January 21, 2025, and will end on February 3, 2025. The class of Millrose common stock a Lennar stockholder elects to receive will not affect the number of Millrose shares the Lennar stockholder will receive. All Lennar stockholders who do not elect to receive Millrose Class B common stock by the end of the election period will receive Millrose Class A common stock regardless of the class of Lennar stock they hold. Election materials will be distributed to Lennar stockholders promptly after the record date.
The distribution of Milrose shares will be taxable to the Lennar stockholders who receive the shares.
Detailed information about Millrose and about the spin-off is contained in a Millrose registration statement on Form S-11 under the Securities Act of 1933, as amended, that has been filed with the SEC and which can be obtained on the SEC website www.SEC.gov, or on Millrose's website www.Millroseproperties.com. Millrose's website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. Alternatively, Millrose will arrange to send you, free of charge, the registration statement if you request it by contacting Millrose Properties, Inc. at 600 Brickell Avenue, Suite 1400,
Completion of the spin-off is subject to various conditions and the Lennar Board of Directors can determine at any time prior to the distribution that Lennar should not carry out the spin-off.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout
About Millrose
After the spin-off, Millrose will become an independent, publicly traded company that will engage, through its subsidiaries, in land purchases, horizontal development and homesite option purchase arrangements, for Lennar, certain entities with which Lennar has a business relationship or in which Lennar has an ownership interest, and potentially other homebuilders and developers.
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A registration statement relating to the Millrose securities has been filed with the SEC but has not yet become effective. Those securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Forward-looking statements
This press release contains forward-looking statements, including, in particular, statements about the successful completion of the spin-off and Millrose's business, plans, strategies and objectives following the spin-off. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "can," "shall," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words or the negatives thereof. Assumptions relating to these statements involve judgments with respect to, among other things, competitive and market conditions, future business decisions and Millrose's relationships with customers, all of which are difficult or impossible to accurately predict and many of which are beyond our control. There can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. Additionally, there can be no assurance that the Millrose spin-off will be completed on the expected timing or at all. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
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SOURCE Lennar Corporation
FAQ
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