Tuesday, April 22, 2014 1:29:14 PM
The whole reason they have the record/ex dates is to keep the market as fair as possible. People may not want to stay in or may want to buy in on a spin out. They have to give people warning so they can make an informed decision.
Also the they can not set a record/ex date in the past. If they did that I would get spin out shares even though I sold my shares to you before the spin out. And you would not get shares even though you were buying in prior to the spin out.
The shares MUST be available before they can be distributed and you can not tell who to distribute them to until the share holders of record are recorded.
There is only one way to do this as a spin out.
S1 application with a silent period until it is effective. When they get the shares then they can set a record and ex date.
They could IPO a new company without assets and then "buy" that company with the RGI assets and distribute those shares to NBRI share holders but that would be a real round about way to do things that would take longer and be more expensive.
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