San Diego-based Titan Corp has announced a Record Date of 26 July and a Distribution Date of 5 August 2002 for the distribution of stock of its subsidiary SureBeam to Titan shareholders.
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The exact ratio of shares of SureBeam common stock to be distributed to Titan common shareholders, for each share of Titan common stock owned at 5:00pm EDT on 26 July 2002 record date, will be calculated by taking the total number of shares of SureBeam common stock to be distributed in the spin-off and dividing it by the total number of shares of Titan common stock outstanding at 5:00pm EDT on 26 July 2002.
For Titan shareholders who trade Titan common shares after the Record Date and before the Distribution Date, the right to receive the dividend will trade with the Titan shares.
Titan shareholders will receive cash in lieu of fractional shares. The distribution other than cash received in lieu of fractional shares will be tax-free to Titan and Titan shareholders for US federal income tax purposes.
Titan will be filing an Information Statement on Form 8-K, which will contain the exact exchange ratio after the Record Date and prior to the Distribution Date.
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