Finance History|11 Wall Street — Two Holding-Company Shares for Three Utility Shares
· 1983-5
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Finance History|11 Wall Street — Two Holding-Company Shares for Three Utility Shares
kevin
People treat Dominion Energy as a Richmond utility that always printed D on a finished holding-company book.
The 1983 issuer was still Virginia Electric and Power Company, a regulated operating utility whose common had to be called in before a parent ticker could open.
A company cost-basis circular records that on 19 May 1983 VEPCO formed Dominion Resources, Inc., and called outstanding VEPCO common for exchange at the rate of two Dominion Resources shares for three VEPCO shares.
The same circular dates the exchange statement to 20 June 1983. Fractional remainders were settled in cash rather than left as odd lots on the tape.
The mechanism is a Public Utility Holding Company Act-era parent. Holders swapped an operating-company common for a listed vehicle that could own the utility and, later, unregulated books.
Dominion Capital followed in 1985 and Dominion Energy as a subsidiary name in 1987. The parent ticker later shortened to D.
On 10 May 2017 shareholders approved changing the parent's legal name from Dominion Resources, Inc., to Dominion Energy, Inc. An 8-K filed that day records 516,212,009 votes for the amendment. The New York Stock Exchange symbol stayed D.
A separate 2020 sale of gas-network assets is a different frame. This pin is the exchange of the operating common.
The pin is the Broad Street facade of the Exchange, where D still prints. 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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