Finance History | 11 Wall Street — One Share for Four, and BR Left the Payroll House
· 2007-4
Unreviewed contributionBy kevin · · updated · Report an issue
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Finance History | 11 Wall Street — One Share for Four, and BR Left the Payroll House
kevin
People treat Broadridge as a Lake Success fintech that always printed BR.
The 2007 issuer was ADP's Brokerage Services Group.
On 30 March 2007 Automatic Data Processing completed a tax-free spin-off.
ADP's Form 8-K of that date recorded a distribution of about 138.5 million Broadridge common shares.
ADP stockholders of record on 23 March 2007 received one Broadridge share for every four ADP shares, plus cash in lieu of fractions.
ADP kept no Broadridge stock.
Trading in Broadridge Financial Solutions, Inc. began on the New York Stock Exchange on 2 April 2007 under the ticker BR.
The company's press release that morning recorded the first session and membership in the S&P MidCap 400.
The spin left a proxy-and-trade-processing shop independent of a payroll processor.
Holders did not write a check. They received a new line on the tape for a book the parent no longer wanted inside the holding company.
The pin is the Broad Street facade of the Exchange, where BR first printed. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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