Everus Construction Group Announces Investor Day; to be Listed Under Ticker ECG Upon Spinoff
MDU Resources Group, Inc. (NYSE: MDU) has announced that its construction services subsidiary, Everus Construction Group, will be listed on the NYSE under the ticker symbol ECG following its planned spinoff in late 2024. The company has filed a Form 10 registration statement with the SEC. MDU stockholders will receive one share of ECG for every four shares of MDU stock held, with fractional shares sold and proceeds distributed in cash. The spinoff is expected to be tax-free for U.S. federal income tax purposes.
Everus will hold an Investor Day on October 17, 2024, at the NYSE to present investment highlights, operations, financial performance, and growth prospects. The event will be webcast. This move is part of MDU Resources' strategy to become a pure-play regulated energy delivery business, providing stockholders with two distinct investment opportunities.
MDU Resources Group, Inc. (NYSE: MDU) ha annunciato che la sua controllata per i servizi di costruzione, Everus Construction Group, sarà quotata al NYSE con il simbolo ECG dopo il previsto scorporo a fine 2024. L'azienda ha presentato una dichiarazione di registrazione Form 10 alla SEC. Gli azionisti di MDU riceveranno un'azione di ECG per ogni quattro azioni di MDU detenute, mentre le azioni frazionarie saranno vendute e i proventi distribuiti in contante. Si prevede che lo scorporo sia esente da tasse per il reddito federale negli Stati Uniti.
Everus terrà un Investor Day il 17 ottobre 2024 al NYSE per presentare i punti salienti degli investimenti, le operazioni, le performance finanziarie e le prospettive di crescita. L'evento sarà trasmesso in streaming. Questa mossa fa parte della strategia di MDU Resources per diventare un'impresa di fornitura di energia regolamentata e pura, offrendo agli azionisti due opportunità di investimento distinte.
MDU Resources Group, Inc. (NYSE: MDU) ha anunciado que su filial de servicios de construcción, Everus Construction Group, se cotizará en el NYSE con el símbolo ECG tras su planeada escisión a finales de 2024. La empresa ha presentado una declaración de registro Form 10 ante la SEC. Los accionistas de MDU recibirán una acción de ECG por cada cuatro acciones de MDU que posean, y las acciones fraccionarias se venderán, distribuyendo los ingresos en efectivo. Se espera que la escisión sea libre de impuestos para fines del impuesto sobre la renta federal de EE. UU.
Everus celebrará un Día del Inversor el 17 de octubre de 2024 en el NYSE para presentar los aspectos destacados de la inversión, las operaciones, el rendimiento financiero y las perspectivas de crecimiento. El evento será retransmitido en línea. Este movimiento es parte de la estrategia de MDU Resources para convertirse en un negocio de entrega de energía regulado y puro, proporcionando a los accionistas dos oportunidades de inversión distintas.
MDU Resources Group, Inc. (NYSE: MDU)는 그 건설 서비스 자회사인 Everus Construction Group이 2024년 말에 예정된 분사 이후 ECG라는 티커 기호로 NYSE에 상장될 것이라고 발표했습니다. 회사는 SEC에 Form 10 등록 신고서를 제출했습니다. MDU 주주들은 보유한 MDU 주식 4주당 ECG 주식 1주를 받으며, 분할 주식은 판매되고 그 수익은 현금으로 분배됩니다. 이 분사는 미국 연방 소득세 측면에서 세금이 면제될 것으로 예상됩니다.
Everus는 NYSE에서 2024년 10월 17일 투자자 데이를 개최하여 투자 하이라이트, 운영, 재무 성과 및 성장 전망을 발표할 것입니다. 이 행사는 웹캐스트될 예정입니다. 이 조치는 MDU 리소스가 순수한 규제 에너지 제공 비즈니스로 전환하기 위한 전략의 일환이며, 주주에게 두 가지 뚜렷한 투자 기회를 제공합니다.
MDU Resources Group, Inc. (NYSE: MDU) a annoncé que sa filiale de services de construction, Everus Construction Group, sera cotée à la NYSE sous le symbole ECG suite à sa scission prévue fin 2024. L'entreprise a déposé un formulaire d'enregistrement 10 auprès de la SEC. Les actionnaires de MDU recevront une action de ECG pour chaque quatre actions de MDU qu'ils possèdent, les actions fractionnaires étant vendues et les produits distribués en espèces. La scission devrait être exonérée d'impôts pour les impôts fédéraux sur le revenu aux États-Unis.
Everus tiendra un Journée des Investisseurs le 17 octobre 2024 à la NYSE pour présenter les points saillants de l'investissement, les opérations, les résultats financiers et les perspectives de croissance. L'événement sera diffusé en direct. Ce mouvement s'inscrit dans la stratégie de MDU Resources de devenir une entreprise de livraison d'énergie réglementée pure, offrant aux actionnaires deux opportunités d'investissement distinctes.
MDU Resources Group, Inc. (NYSE: MDU) hat bekannt gegeben, dass ihre Bauservice-Tochtergesellschaft, Everus Construction Group, nach der geplanten Abspaltung Ende 2024 unter dem Tickersymbol ECG an der NYSE notiert werden soll. Das Unternehmen hat eine registrierungspflichtige Form 10-Anmeldung bei der SEC eingereicht. MDU-Aktionäre erhalten eine ECG-Aktie für jeweils vier gehaltene MDU-Aktien, während Bruchteile von Aktien verkauft und die Erlöse in bar verteilt werden. Es wird erwartet, dass die Abspaltung für die US-Bundessteuer darüber hinaus steuerfrei sein wird.
Everus wird am 17. Oktober 2024 einen Investorentag an der NYSE abhalten, um Investitionshöhepunkte, Betrieb, finanzielle Leistungen und Wachstumsperspektiven zu präsentieren. Die Veranstaltung wird live übertragen. Dieser Schritt ist Teil der Strategie von MDU Resources, ein reines reguliertes Energieversorgungsunternehmen zu werden, das den Aktionären zwei unterschiedliche Investitionsmöglichkeiten bietet.
- Spinoff of Everus Construction Group expected to create value for shareholders
- Tax-free distribution of ECG shares to MDU Resources stockholders
- Everus to be listed on the NYSE, potentially increasing visibility and liquidity
- MDU Resources progressing towards becoming a pure-play regulated energy delivery business
- None.
Insights
The announcement of Everus Construction Group's upcoming spinoff from MDU Resources is a significant development for investors. The planned 4:1 stock distribution ratio and tax-free status of the spinoff are particularly noteworthy. This structure allows current MDU shareholders to maintain their existing positions while gaining exposure to a new, focused entity.
The spinoff could unlock value by allowing each company to operate more efficiently and attract investors interested in their specific business models. However, investors should be cautious about potential short-term volatility as the market adjusts to the new corporate structures. The upcoming Investor Day on October 17 will be important for understanding Everus' standalone prospects and financial outlook.
The spinoff of Everus Construction Group represents a strategic shift in MDU Resources' business focus. By becoming a pure-play regulated energy delivery business, MDU is aligning itself with current market trends favoring specialized, focused entities. This move could potentially lead to improved valuations for both companies.
The construction services sector, represented by Everus, may benefit from increased infrastructure spending and economic recovery initiatives. Investors should closely monitor industry trends and government policies that could impact Everus' growth prospects. The choice of ticker symbol 'ECG' is clever, potentially aiding brand recognition in the market.
In the planned spinoff, it is expected that MDU Resources' stockholders will retain their current shares of MDU stock and receive a pro rata distribution of
Related to the anticipated spinoff, Everus will hold an Investor Day at 10 a.m. EDT Oct. 17 at the NYSE. Management's presentation of Everus' investment highlights, operations, financial performance and growth prospects, along with an in-person question-and-answer session, also will be webcast. More information about the event can be found at www.mdu.com/everus-construction-spinoff.
"This is an exciting time for MDU Resources as we work toward becoming a pure-play regulated energy delivery business, and for Everus as it prepares to be listed on the New York Stock Exchange under the ticker ECG," said Nicole A. Kivisto, president and CEO of MDU Resources. "When complete, the spinoff will provide stockholders with two distinct investment opportunities."
Everus President and CEO Jeffrey S. Thiede said, "We are excited to have secured ECG as our future ticker symbol, and we look forward to providing more information at our investor day about our operations and future outlook as an independent company."
The Form 10 registration statement for Everus is available on the SEC website at www.sec.gov and on MDU Resources' website at investor.mdu.com/financials/sec-filings. Everus expects to update the registration statement in subsequent amendments as information is finalized prior to the spinoff. These Form 10 amendments will be available on the SEC and MDU Resources websites.
MDU Resources announced in November 2023 that it intends to spin off its construction services business to optimize value for stockholders as it works toward becoming a pure-play regulated energy delivery business. The spinoff is subject to certain customary conditions, including final approval by MDU Resources' board of directors and the effectiveness of the Form 10 registration statement.
Forward-Looking Statements
Information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release, including information about the planned spinoff of Everus Construction Group, the future state of MDU Resources, future stock performance and statements by MDU Resources' CEO, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially, refer to Item 1A — Risk Factors in MDU Resources' most recent Form 10-K and Form 10-Q and subsequent filings with the SEC.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides essential products and services through its regulated energy delivery and construction services businesses. Founded in 1924, the company is celebrating its 100th anniversary; learn more at www.mdu.com/100th-anniversary. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
About Everus Construction Group
Everus Construction Group, Inc. is Building America's Future™ by providing a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across
Investor Contact: Brent Miller, assistant treasurer and director of financial projects and investor relations, 701-530-1730
Media Contacts: Byron Pfordte, MDU Resources manager of integrated communications, 208-377-6050
Laura Lueder, Everus director of communications, 701-221-6444
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SOURCE MDU Resources Group, Inc.
FAQ
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