Back to press releasesTrading in Genie ‘Regular Way’ Expected to
Begin October 31st
IDT Corporation (NYSE: IDT) said today that the New York Stock Exchange
(NYSE) will list Genie Energy Ltd., (Genie) Class B common stock with
the ticker symbol ‘GNE’ following the tax-free spin-off of Genie to IDT
shareholders.
Genie, currently a division of IDT, is comprised of IDT Energy, a retail
energy provider, and Genie Oil and Gas, which develops the Company’s
unconventional energy initiatives, including its ongoing oil shale
projects in Colorado and Israel.
IDT intends to spin-off Genie on or about October 28, 2011 (the
‘distribution date’) by way of a pro rata distribution of Genie Common
Stock to IDT’s stockholders. The completion of the spin-off is subject
to the Registration Statement on Form 10 for Genie being declared
effective by the SEC.
On the distribution date, each IDT stockholder will receive one share of
Genie Class A common stock for every share of IDT Class A common stock
and one share of Genie Class B common stock for every share of IDT Class
B common stock held on or about 5:00 Eastern Time on October 21, 2011
(the ‘record date’).
IDT stockholders who sell their shares of IDT Class B common stock in
the ‘regular way’ market prior to or on the distribution date will also
be selling their right to receive the distribution of shares of Genie
Class B common stock. Stockholders are encouraged to consult with their
financial advisors regarding the specific implications of selling IDT
Class B common stock.
Genie will ring the opening bell at the New York Stock Exchange on the
morning of October 31, 2011 following which IDT expects that Genie will
begin trading ‘regular way’.
IDT will mail information statements to all stockholders of IDT as of
the record date. The statements will include information regarding the
procedure by which the distribution will be effected.
The spin-off is intended to be tax-free to IDT and its shareholders. IDT
has received a Private Letter Ruling from the IRS to that effect, and
expects to receive an opinion from PriceWaterhouseCoopers LLP as to
certain related matters on which the IRS does not rule.
As of October 9, 2011 there were a total of approximately 1.5 million
shares of IDT Class A common stock and approximately 21.1 million shares
of IDT Class B common stock issued and outstanding. Shares of IDT Class
B Common Stock will continue to trade on the New York Stock Exchange
under the symbol “IDT”.
The CUSIP number for Genie Class A common stock is 372284 109. The CUSIP
number for Genie Class B common stock is 372284 208.
Investors are encouraged to read Genie Energy’s Information Statement
and other filings available through the SEC’s website at www.sec.gov
and to consult with their financial advisors regarding the specific
implications of buying or selling IDT common stock.
About Genie Energy Ltd.:
Genie Energy Ltd., (www.genie.com)
is a division of IDT Corporation (NYSE: IDT). Genie Energy is comprised
of IDT Energy and Genie Oil and Gas. IDT Energy is a retail energy
provider supplying affordable electricity and natural gas to residential
and small business customers in New York, Pennsylvania and New Jersey.
It is the largest independent provider of residential customers in New
York State. Genie Oil and Gas (GOGAS) is pioneering technologies to
produce clean and affordable transportation fuels from the world’s
abundant unconventional fuel resources. GOGAS develops the Company’s
unconventional energy initiatives, including its ongoing oil shale
projects in Colorado and Israel.
About IDT Corporation:
IDT
Corporation (www.idt.net)
is a consumer focused company operating primarily in the
telecommunications and energy industries. IDT Corporation’s Class B
common stock trades on the New York Stock Exchange under the ticker
symbol ‘IDT’. For more information, visit www.idt.net/about/ir.
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use
the words “believe,” “anticipate,” “expect,” “plan,” “intend,”
“estimate, “target” and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995.While these forward-looking statements
represent our current judgment of what may happen in the future, actual
results may differ materially from the results expressed or implied by
these statements due to numerous important factors, including, but not
limited to, those described in our most recent report on SEC Form 10-K
(under the headings “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”), which may
be revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K.We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
Genie Investor Relations
973-438-3848
invest@genie.com
or
IDT
Corporation Investor Relations
Bill Ulrey, 973-438-3838
invest@idt.net
