BISMARCK, N.D., Sept. 12,
2024 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE:
MDU) today announced the public filing of a Form 10 registration
statement with the Securities and Exchange Commission that
identifies "ECG" as the ticker symbol under which Everus
Construction Group, the company's construction services subsidiary,
expects to be listed on the New York Stock Exchange. MDU Resources
is on track to complete the planned spinoff of Everus into an
independent, publicly traded company in late 2024.
In the planned spinoff, it is expected that MDU Resources'
stockholders will retain their current shares of MDU stock and
receive a pro rata distribution of 100% of outstanding shares of
ECG. For every four shares of MDU stock, a stockholder is expected
to receive one share of ECG stock. Fractional shares of ECG stock
will not be distributed to MDU stockholders but will instead be
sold on the open market, with net proceeds distributed pro rata in
cash payments to MDU stockholders who would otherwise have received
a fractional share of ECG stock. The separation is expected to be
tax free to MDU Resources and its stockholders for U.S. federal
income tax purposes, except for any cash received in lieu of
fractional shares. The record date will be announced following
approval by MDU Resources' board of directors.
Related to the anticipated spinoff, Everus will hold an Investor
Day at 10 a.m. EDT Oct. 17 at the NYSE. Management's presentation of
Everus' investment highlights, operations, financial performance
and growth prospects, along with an in-person question-and-answer
session, also will be webcast. More information about the event can
be found at www.mdu.com/everus-construction-spinoff.
"This is an exciting time for MDU Resources as we work toward
becoming a pure-play regulated energy delivery business, and for
Everus as it prepares to be listed on the New York Stock Exchange
under the ticker ECG," said Nicole A.
Kivisto, president and CEO of MDU Resources. "When complete,
the spinoff will provide stockholders with two distinct investment
opportunities."
Everus President and CEO Jeffrey S.
Thiede said, "We are excited to have secured ECG as our
future ticker symbol, and we look forward to providing more
information at our investor day about our operations and future
outlook as an independent company."
The Form 10 registration statement for Everus is available on
the SEC website at www.sec.gov and on MDU Resources' website
at investor.mdu.com/financials/sec-filings. Everus expects to
update the registration statement in subsequent amendments as
information is finalized prior to the spinoff. These Form 10
amendments will be available on the SEC and MDU Resources
websites.
MDU Resources announced in November
2023 that it intends to spin off its construction services
business to optimize value for stockholders as it works toward
becoming a pure-play regulated energy delivery business. The
spinoff is subject to certain customary conditions, including final
approval by MDU Resources' board of directors and the effectiveness
of the Form 10 registration statement.
Forward-Looking Statements
Information in this
release includes certain forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. The
forward-looking statements in this release, including information
about the planned spinoff of Everus Construction Group, the future
state of MDU Resources, future stock performance and statements by
MDU Resources' CEO, are expressed in good faith and are believed by
the company to have a reasonable basis. Nonetheless, actual results
may differ materially from the projected results expressed in the
forward-looking statements. For a discussion of important factors
that could cause actual results to differ materially, refer to Item
1A — Risk Factors in MDU Resources' most recent Form 10-K and Form
10-Q and subsequent filings with the SEC.
About MDU Resources
MDU Resources Group, Inc., a
member of the S&P MidCap 400 index, provides essential products
and services through its regulated energy delivery and construction
services businesses. Founded in 1924, the company is celebrating
its 100th anniversary; learn more at
www.mdu.com/100th-anniversary. For more information about
MDU Resources, visit www.mdu.com or contact the
Investor Relations Department at
investor@mduresources.com.
About Everus Construction Group
Everus Construction
Group, Inc. is Building America's Future™ by providing a full
spectrum of construction services through its electrical and
mechanical, and transmission and distribution specialty contracting
services across the United States.
These specialty contracting services are provided to utility,
transportation, commercial, industrial, institutional, renewable
and other customers. Its E&M contracting services include
construction and maintenance of electrical and communication wiring
and infrastructure, fire suppression systems, and mechanical piping
and services. Its T&D contracting services include construction
and maintenance of overhead and underground electrical, gas and
communication infrastructure, as well as manufacturing and
distribution of transmission line construction equipment and tools.
For more information about Everus, visit
everus.com.
Investor Contact: Brent
Miller, assistant treasurer and director of financial
projects and investor relations, 701-530-1730
Media Contacts: Byron Pfordte, MDU
Resources manager of integrated communications,
208-377-6050
Laura Lueder,
Everus director of communications, 701-221-6444
View original content to download
multimedia:https://www.prnewswire.com/news-releases/everus-construction-group-announces-investor-day-to-be-listed-under-ticker-ecg-upon-spinoff-302247109.html
SOURCE MDU Resources Group, Inc.