Previously Disclosed Millrose Spin-off Record Date and Election Period for Lennar Stockholders Begins Today
Lennar (NYSE: LEN) has announced key dates for its previously disclosed taxable spin-off of approximately 80% of Millrose Properties stock. On February 7, 2025, Lennar stockholders of record as of January 21, 2025, will receive one share of Millrose Class A common stock for every two shares of Lennar Class A or Class B common stock held.
Stockholders have the option to elect to receive Millrose Class B common stock instead of Class A stock for some or all of their entitled shares. The election period runs from January 21, 2025, through 5:00 PM NYC time on February 3, 2025. Elections must be submitted electronically either through Lennar's transfer agent website or through stockholders' brokerage firms. Those who don't submit a valid election will receive Millrose Class A stock by default.
Lennar (NYSE: LEN) ha annunciato date chiave per la sua spin-off tassabile precedentemente divulgata, che comprende circa l'80% delle azioni di Millrose Properties. Il 7 febbraio 2025, gli azionisti di Lennar registrati al 21 gennaio 2025 riceveranno un'azione di Millrose Class A per ogni due azioni di Lennar Class A o Class B detenute.
Gli azionisti hanno la possibilità di scegliere di ricevere azioni Millrose Class B invece delle azioni Class A per alcune o tutte le azioni a cui hanno diritto. Il periodo per le elezioni va dal 21 gennaio 2025 fino alle 17:00 ora di New York del 3 febbraio 2025. Le elezioni devono essere presentate elettronicamente tramite il sito web dell'agente di trasferimento di Lennar o attraverso le società di intermediazione degli azionisti. Coloro che non presentano un'elezione valida riceveranno automaticamente azioni Millrose Class A.
Lennar (NYSE: LEN) ha anunciado fechas clave para su escisión tributaria previamente divulgada de aproximadamente el 80% de las acciones de Millrose Properties. El 7 de febrero de 2025, los accionistas de Lennar registrados hasta el 21 de enero de 2025 recibirán una acción de Millrose Clase A común por cada dos acciones de Lennar Clase A o Clase B que posean.
Los accionistas tienen la opción de elegir recibir acciones de Millrose Clase B en lugar de acciones Clase A por algunas o todas sus acciones a las que tienen derecho. El período de elecciones va desde el 21 de enero de 2025 hasta las 5:00 PM hora de Nueva York del 3 de febrero de 2025. Las elecciones deben presentarse electrónicamente, ya sea a través del sitio web del agente de transferencias de Lennar o mediante las firmas de corretaje de los accionistas. Aquellos que no presenten una elección válida recibirán automáticamente acciones de Millrose Clase A.
레나르 (NYSE: LEN)는 약 80%의 밀로즈 프로퍼티 주식에 대한 이전에 발표된 과세 분할을 위한 주요 날짜를 발표했습니다. 2025년 2월 7일, 2025년 1월 21일 기준으로 레나르 주식을 보유한 주주들은 레나르 클래스 A 또는 클래스 B 주식 2주당 밀로즈 클래스 A 보통주 1주를 받게 됩니다.
주주들은 일부 또는 모든 권리 있는 주식에 대해 밀로즈 클래스 B 보통주 대신 클래스 A 주식을 선택할 수 있는 옵션이 있습니다. 선택 기간은 2025년 1월 21일부터 2025년 2월 3일 오후 5:00(뉴욕 시간)까지입니다. 선택 사항은 레나르의 이전 대행사 웹사이트 또는 주주의 중개업체를 통해 전자적으로 제출해야 합니다. 유효한 선택을 제출하지 않은 경우 기본적으로 밀로즈 클래스 A 주식을 받게 됩니다.
Lennar (NYSE: LEN) a annoncé des dates clés pour sa scission imposable précédemment divulguée d'environ 80 % des actions de Millrose Properties. Le 7 février 2025, les actionnaires de Lennar enregistrés au 21 janvier 2025 recevront une action de Millrose Classe A pour chaque deux actions de Lennar Classe A ou Classe B détenues.
Les actionnaires ont la possibilité de choisir de recevoir des actions Millrose Classe B au lieu d'actions Classe A pour une partie ou la totalité de leurs actions auxquelles ils ont droit. La période d'élection s'étend du 21 janvier 2025 à 17h00 heure de New York le 3 février 2025. Les choix doivent être soumis électroniquement, soit par le biais du site Web de l'agent de transfert de Lennar, soit par l'intermédiaire des sociétés de courtage des actionnaires. Ceux qui ne soumettent pas un choix valide recevront automatiquement des actions Millrose Classe A.
Lennar (NYSE: LEN) hat wichtige Termine für seine zuvor angekündigte steuerpflichtige Abspaltung von etwa 80% der Millrose Properties-Aktien bekannt gegeben. Am 7. Februar 2025 erhalten die Aktionäre von Lennar, die zum 21. Januar 2025 eingetragen sind, eine Aktie der Millrose Klasse A für jeweils zwei gehaltene Aktien der Lennar Klasse A oder Klasse B.
Die Aktionäre haben die Möglichkeit, zu wählen, ob sie anstelle von Klasse A-Aktien entweder Klasse B-Aktien für einige oder alle ihrer Anspruchsaktien erhalten möchten. Der Wahlzeitraum erstreckt sich vom 21. Januar 2025 bis 17:00 Uhr NYC-Zeit am 3. Februar 2025. Wahlen müssen elektronisch entweder über die Website des Übertragungsagenten von Lennar oder über die Brokerfirmen der Aktionäre eingereicht werden. Aktionäre, die keine gültige Wahl einreichen, erhalten standardmäßig Aktien der Millrose Klasse A.
- Spin-off provides shareholders with additional value through direct ownership in Millrose Properties
- 1:2 distribution ratio offers clear value allocation to existing shareholders
- Taxable spin-off may create immediate tax implications for shareholders
- No mail-in option available for election submission, potentially limiting accessibility for some shareholders
Insights
This corporate action represents a significant strategic move by Lennar, spinning off 80% of Millrose Properties in a taxable transaction. The 2:1 distribution ratio means Lennar shareholders will receive one Millrose Class A share for every two Lennar shares held. The spin-off creates a separate pure-play real estate entity, allowing both companies to focus on their core competencies.
The election mechanism offering shareholders the choice between Millrose Class A and Class B shares suggests different voting rights structures, typical in real estate investment vehicles. This separation could unlock shareholder value by creating two distinct investment opportunities: Lennar's core homebuilding business and Millrose's real estate operations.
The taxable nature of the spin-off is noteworthy - shareholders will need to recognize any gains from the distribution, unlike tax-free spin-offs. This timing, early in the tax year, gives shareholders nearly a full year for tax planning. The mandatory electronic election process and tight deadline (February 3, 2025) require prompt shareholder attention to exercise their preferred share class option.
The spin-off's structure reveals sophisticated corporate governance considerations. The dual-class share system (Class A and B) being maintained in Millrose mirrors Lennar's existing structure, but with a important twist - shareholders must actively elect to receive Class B shares, defaulting to Class A if no action is taken. This arrangement suggests a deliberate approach to controlling voting power distribution in the new entity.
The 80% distribution threshold is strategically chosen - it's high enough to achieve tax efficiency and give Millrose independent operation capability, while potentially allowing Lennar to maintain some influence through the retained 20% stake. The electronic-only election process, while potentially challenging for some shareholders, streamlines the administrative burden and reduces execution risk in this complex transaction.
On February 7, 2025, each holder of Lennar Class A or Class B common stock as of the close of business today (January 21, 2025) (the "record date") shall receive one share of Millrose Class A common stock for each two shares of Lennar Class A or Class B common stock held of record on the record date. Any shares of Lennar Class A or Class B common stock acquired in trades that will settle after the record date (or otherwise not held on the record date) will not receive any Millrose shares in the spin-off. Each holder of record may submit an election 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 the holder is entitled. The election period will commence after the close of business today, and will end at 5:00 p.m.
Each holder of Lennar Class A or Class B common stock will receive election-related materials with instructions on how to elect to receive Millrose Class B common stock either in the mail from Lennar's transfer agent or through the holder's brokerage firm or other nominee holder. Holders of Lennar common stock who do not electronically submit a properly completed election form or a valid election in accordance with the instructions provided by the holder's brokerage firm or other nominee holder prior to the Election Expiration Time will receive Millrose Class A common stock in the distribution, including if such holder is a holder of Lennar Class B common stock. There is no option for any stockholder to submit the election form by mail. All elections must either be made electronically at https://lennar.uat.computersharecas.com/offer/ using the instructions provided in the election materials that stockholders will receive in the mail or in accordance with the instructions provided by the holder's brokerage firm or other nominee holder, as applicable.
For detailed information about Millrose, the spin-off and the election, Lennar stockholders should review the Millrose registration statement on Form S-11 under the Securities Act of 1933, as amended, that has been filed with the SEC and was declared effective on January 17, 2025, and the related prospectus 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 or the registration statement. Alternatively, Millrose will arrange to send you, free of charge, the registration statement and the related prospectus if you request it by contacting Millrose Properties, Inc. at 600 Brickell Avenue, Suite 1400,
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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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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