Ingersoll-Rand plc (NYSE:IR) (the “Company” or “lngersoll Rand”) announced today that it has set the record and distribution dates for the spin-off of its commercial and residential security businesses, which will be effected through the distribution of 100% of the ordinary shares of Allegion plc (“Allegion”) to holders of Ingersoll Rand ordinary shares.
Allegion ordinary shares will be distributed on December 1, 2013, with Ingersoll Rand shareholders receiving one Allegion ordinary share for every three Ingersoll Rand ordinary shares held at the close of business on the record date of November 22, 2013. Fractional shares will not be distributed. Fractional shares will be sold in the open market at current prices. The net proceeds will be distributed ratably to Ingersoll Rand shareholders who were entitled to receive Allegion fractional shares. Ingersoll Rand shareholders entitled to receive the distribution will receive a book-entry account statement or a credit to their brokerage accounts reflecting their ownership of Allegion ordinary shares.
Following the distribution of Allegion ordinary shares on December 1, Allegion will be an independent, publicly traded company. Allegion has received approval for the listing of its ordinary shares on the New York Stock Exchange (the “NYSE”) under the symbol “ALLE.”
“Allegion’s brands pioneered industry-leading security products that have helped keep people around the world safe for more than a century,” said Dave Petratis, Allegion chairman and CEO.
“Today’s announcement signals an exciting new beginning for Allegion as a standalone company, focused on adding value for our customers, shareholders, company and employees, and positioning us for future growth.”
Prior to the distribution, Ingersoll Rand expects to mail an information statement or a notice of the availability of an information statement relating to Allegion to all shareholders entitled to receive the distribution of Allegion ordinary shares. The information statement will describe Allegion, including the risks of owning Allegion ordinary shares, and other details regarding the spin-off.