Learn about governance at GE, including the latest Proxy Statement and information about the GE Board of Directors. Transfer agents are obligated to ensure that such stamps appear on the transfer documents and are entitled to refuse a transfer of shares if a signature is not guaranteed with a stamp. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. If you hold your shares in a brokerage account, the new shares will show up there. The S-4 SEC filing amended sometime like 1/25/19 seems to support that taxable change. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. GE Transportation How can I obtain a copy of my 1099?You may download and print a copy of a Broadridge issued 1099 by accessing your online account at investor.broadridge.com. You're right, I reversed the figures and corrected my original post. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Wabtec brings to market a robust installed base of more than 23,000 locomotives globally, an expanded global reach, a strong mix of products and services, as well as enhanced capabilities to drive innovation faster in key growth areas. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our. Otherwise, if your shares are not part of such plans, you must take your certificate(s) to a securities broker to sell the shares. Although this figure is lower than the 5% many analysts assume for mergers, there are a couple of things to consider that suggest Wabtec is onto a good thing. In short, GE needs cash, and many investors may have preferred a deal with a higher cash component rather than the one outlined above. Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. DSPP Some companies offer DSPPs, so please visit your online account to determine if a plan is available to you. Wells Fargo Shareowner Services (Shareowner Services), a division of Wells Fargo Bank N.A., has served as the transfer agent & registrar for GE. The signature(s) must be guaranteed by a financial institution participating in an officially recognized Medallion Signature Guarantee Program (see below). Combining GE Transportations constant monitoring of messages from 17,000 locomotives with monitoring of Wabtecs passenger and shunter locomotives can make for a smarter, more efficient and safer transportation system. Box 64854 Current Value % Return 33.32%. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec. Proactive performance monitoring can also be improved by integrating Wabtec products within locomotive control systems and by leveraging GE Transportations expansive remote monitoring and diagnostics systems. First, Wabtec's management estimates that the existing company currently trades on a 2019 EV-to-adjusted EBITDA multiple of 14, but the new Wabtec (which will roughly double in size) will trade on a 2019 EV-to-adjusted EBITDA multiple of just 9, after the tax benefits and synergies start to kick in. Readers are cautioned not to place undue reliance on any of these forward-looking statements. On December 2, 2015, as part of the GE Debt Assumption and as a result of the Merger, GE succeeded to GECC and assumed the obligations of GECC under all of GECC's outstanding indebtedness and other financial obligations, including: Commercial paper is short-term unsecured senior debt issued in the open market by both financial and nonfinancial companies with strong credit ratings. To listen via webcast, go to the existing Wabtec website at www.wabtec.com and click on Webcasts in the Investor Relations section. Explore a timeline of GE technologies that have spurred transformation across the world. What are analysts forecasts for Wabtec stock? Explore GEs recent and historic SEC filings. Goldman, Sachs & Co., LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction. We will keep you updated if there is a change. Shares have done quite well, resulting in higher earnings multiples awarded to the business, with the valuation getting quite full here. Disappointingly, they seem unwilling to take any action to get the incorrect tax treatment of the GE-WAB action corrected. When adjusted for the net tax step-up value of $1.1 billion accruing to the combined company, the transaction value is $10 billion. To view documents for private transactions, please log into the password-protected Website, Issuers Determination and Communication of traded on an established securities market Status and Issue Price of Newly Issued Debt, Notice to Holders of certain medium-term notes issued by Subsidiaries of the General Electric Company. If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. Based on Wabtec share price of $83.79 on 19-Apr-2018, the last unaffected trading day prior to media speculation regarding a potential transaction, and Wabtec fully diluted share count. That's your selling price. Access the latest press releases, media contacts, and press tools. Accomplished leaders building GEs legacy. Please see attached notice for additional details. Ive had a series of email exchanges with the corporate actions team at Ameritrade. Your corporation you own stock in may also support a stock sale plan. Were continuing to do all we can to support our customers and employees during this unprecedented time. For example: Mary Jones Tr U/A dtd 4/15/98 The Mary Jones Trust FBO Mary Jones. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. I'm looking for someone to tell me how! Visit your online account and change your investment elections in the appropriate plan section. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. Some plans do require that investors own a minimum number of shares prior to participating in a plan. Tim WesleyTwesley [at] Wabtec [dot] comclass="spamspan" Original Value. Access important shareholder information. For GE shareholders who received shares of Wabtec stock as part of the Wabtec- GET Merger, the cost basis in the Wabtec stock received is $78.06 per share, which was the closing price per share on February 25, 2019. All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Explore a career with us. Explore the latest stories, news, downloads, and press tools. Investors and security holders can also contact Wabtec at Wabtec Corporation, 1001 Air Brake Avenue, Wilmerding, PA 15148 or by calling 412-825-1543. Box 1342Brentwood, NY 11717. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. GE Aerospace is a world-leading provider of jet engines, components and systems for commercial and military aircraft with a global service network to support these offerings. For example: Mary Smith Cust Don Smith NY Unif Trans Min Act. We were told we will retain the same number of GE share units, but that their value will change. Locomotive; Freight Car; Freight Services; Thanks for the information. Any forward-looking statements speak only as of the date of this communication. Were deeply proud of GE employees around the world rising to the challenge. Please use another web browser to access this website. Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected to collectively own approximately 50.8%. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction. DSPPs offer investors the opportunity to buy shares directly from the corporation, via the transfer agent, often without involving a broker. Deia Campanellideia [dot] campanelli [at] wabtec [dot] comclass="spamspan" All Rights Reserved. Begin typing your search term above and press enter to search. A culture of integrity, compliance, safety, and respect for human rights, while reducing our environmental footprint. 412.825.1543, Transportation solutions that revolutionize the way the world moves. 412.825.1423, Transportation solutions that revolutionize the way the world moves. When I sell or before? For the fiscal year ending December 31, 2017, GE Transportation generated approximately $3.9 billion in revenue and $701 million in adjusted EBIT (approximately 18% margin). The company also builds new switcher and commuter locomotives, and provides aftermarket services. Historic cost basis in GE shares is unchanged and irrelevant to determining the
Changing plan electionsYou may change your plan investment decisions by taking the following steps: Selling shares held in a planYou may sell shares held in a plan by taking one of the following steps: When will I receive my 1099?Form 1099s are typically mailed or sent electronically in January according to IRS guidelines. Hope this helps. If you own stock through a broker, sign up at Broadridge. These instructions should provide the name, address and Social Security Number for each transferee and should indicate the number of shares to be transferred. Investors are expected to benefit through ownership of a stronger, more diverse business better positioned to perform through the cycle, with expected annual double-digit EPS growth and total run-rate synergies of about $250 million estimated to be achieved by 2022. The strategic combination of complementary portfolios is expected to: Create a leading equipment, aftermarket services and digital solutions provider across the transportation sector: The company can accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency and competitiveness. The 23 analysts offering price forecasts for Wabtec have a median target . Phone: 412-825-1000 30 Isabella Street 773.297.0482, Wabtec Investor Contacts When will I have to pay taxes on the stocks. You may obtain a surety bond from our independent insurance provider, The Chubb Corporation. If you continue to use this site we will assume that you are happy with it. On July 12, 2017, Wells Fargo Bank N.A. If you wish to move your shares from registered to beneficial ownership, Broadridge or your broker will help you do so. In the event of loss, a surety bond of 2% will be required to replace the certificates. This communication is not a solicitation of a proxy from any investor or security holder. In the transaction, GE received about $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an approximately 24.9% ownership interest in Wabtec. 30 Isabella Street Pittsburgh, PA 15212 - USA Phone: 412-825-1000 Fax: 412-825-1019. Receives 9.9% of shares in new Wabtec and $2.9 billion in cash. The companys average rating score is 2.71, and is based on 5 buy ratings, 2 hold ratings, and no sell ratings. With best-in-class manufacturing facilities, unmatched digital expertise, always-on global services delivery, and unrivaled product breadth and performance, Wabtec is the rail industrys one-stop shop. GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. This fee structure was not changed as part of the switch to, Avoid Losing Your Shares to the State as Unclaimed Property. TRANSACTION DETAILS Wabtec will host a call with analysts and investors at 8:30 a.m., ET today to discuss its 2018 results and 2019 guidance, and the merger. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. Wabtec and GE Transportation will be combined in a transaction in which GE will (i) sell a portion of the assets of GE Transportation to Wabtec; (ii) complete the spin-off or split-off of a portion of GE Transportation to GE shareholders; and (iii) immediately thereafter merge GE Transportation with a wholly owned subsidiary of Wabtec. Wabtec is a leading supplier of critical components, locomotives, services, signaling and logistics systems and services to the global rail industry. You can access your account information from our secure website by clicking on the Shareholder Login link, where you can view and manage the following: Use our Plan Wizard to make your initial investment. Drive increased value for shareholders: With approximately $8 billion in combined revenues and a large global installed base, the combined company will have a leading position in key freight rail and transit geographies worldwide, and will be well-positioned to serve customers as industry demand continues to improve. I received the following email from GE Investor Relations. General Electric Co. changed the structure of the planned spinoff of its transportation division by taking a larger stake in the new company rather than giving it to shareholders. Westinghouse Air Brake Technologies has received a consensus rating of Buy. How can I sell my shares that are held in certificate form? The transaction is expected to close in early 2019, subject to customary closing conditions, approval by Wabtec shareholders, and regulatory approvals. Explore a timeline of GE technologies that have spurred transformation across the world. Microsoft is retiring and will no longer support Internet Explorer. Here's the step by step, (having eliminated everything that was downloaded to you): Do you know why I would receive .395 shares on 3/1/19 after receiving 18 on 2/25/19? An analyst with a glass-half-full approach would see the deal as progress on GE's restructuring plans and note that the cash flow will give the company more leeway to restructure the power segment before a bounce-back in total FCF generation in 2019. Accomplished leaders building GEs legacy. The GE Transportation business is positioned for a significant rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. Overview of General Electric Capital Corporation merger with and into GE. It is based in Wilmerding, Pennsylvania. Signature Guarantee Programs have been developed and eligible financial institutions which subscribe to such programs are issued "Medallion Guarantee Stamps". IMPORTANT: You must be able to provide the name of the security, the certificate number(s), the name of the registered owner(s), and the number of shares in all communications. Must they be reminded that we are retirees of a manufacturing company so most of us do not have the computer skills to educate ourselves further on this matter via the internet. Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics. This is a once-in-a-lifetime opportunity to bring together nearly four centuries of collective experience to create a technologically advanced leader with a highly complementary set of capabilities to move and improve the world. Box 1342Brentwood, NY 11717. Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected . Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction. Discover how our people & technology are solving global issues, improving lives, and changing industries. Securities held in a brokerage account, and registered in the name of the broker or other institution, are referred to as being in "street name" or "beneficial shares." 30 Isabella Street It's too early to tell right now, but what's undeniable is that the GE-Wabtec deal marks progress on GE management's strategic aims, and that can't be seen as anything but a plus. When does Wabtec pay dividends? To best address the business needs of our rail customers, we offer a variety of products and services through our Freight and Transit segments. Answers to popular and relevant inquiries. Box 1342 Brentwood, NY 11717 Phone:1-877-830-4936 Fax:215-553-5402 shareholder@broadridge.com. A set of GE algorithms then crunches the information and flags potential problems to operators working at several mission-control-like centers located around the world. Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Wabtec's management certainly thinks it got a great deal. This feels a bit disappointing as I have some doubts on the operating execution. The exchange ratio for the combined Spin-off/merger transaction is 0.005371, meaning participating GE shareholders will receive 0.005371 shares of Wabtec common stock for each outstanding share of GE common stock held. GE will designate for nomination three independent Board members. Make the selection by filling out the form on your account statement and returning it to Broadridge. I end up with 27 million+ shares of Wabtec which obviously isn't correct! GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Buy the number of shares of WABTEC per step 1 at a per share price of $73.96. DRIP - You may elect to have your dividends reinvested in any of the following ways: Make the selection via your online account. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). lucrative business of locomotive upgrades. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. It sounds like GE structured the spinoff as a taxable event, but hard to say for sure without reading the spinoff documents. Voices is a network for GEs US supporters interested in the companys impact in their communities and in issues that impact the company. Registering shares in the name of a Trust requires that specific information be provided: the name of the trust and/or the maker or beneficiary and the date of the trust instrument. The deal is tax-free for GE and Wabtec shareholders because it is structured as a so-called Reverse Morris Trust . In connection with the proposed transaction between GE and Wabtec, Transportation Systems Holdings Inc., a wholly owned subsidiary of GE created for the transaction (SpinCo), will file with the SEC a registration statement on Form S-4/S-1 containing a prospectus or a registration statement on Form 10 and Wabtec will file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus. I'm trying to record the spin-off of Wabtec from GE (using the corporate spin-off transaction) but I continue to get errors. Wabtec Chairman, Albert J. Neupaver, has been re-appointed executive chairman; Raymond T. Betler will remain president and CEO of the merged company; Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtecs Freight Segment and Stphane Rambaud-Measson, will become president and CEO of Wabtecs Transit Segment. Wabtec Corporation. Patrick, I am not a tax expert and you should certainly ask one. The combined company has a multi-year backlog of more than $23 billion. Request that Broadridge facilitate the sale of your shares by completing the form attached to your account statement and returning it to Broadridge. Specifically, GE Transportation will be first distributed to GE shareholders in a "tax-free spin- or split-off; then immediately merged with Wabtec," according to the deal presentation. As we previously reported, GE Transportation has a long history of innovation, stretching from the first electric locomotives to the first freight locomotive that meets the U.S. governments strictTier 4 emission standards. The Uniform Commercial Code (UCC) entitles transfer agents and corporate issuers to receive signature guarantees to protect them against fraudulent and unauthorized transfers. Divide the Cash in Lieu by the fractional number of shares received as determined in step 1. This combination will create a compelling offering to meet the industry's rapidly growing demand for rail performance, with the potential to unlock billions in annual savings across freight rail for customers and operators. Second, it's worth noting that Wabtec is merging with GE Transportation at a cyclical low point. All told, if GE can maintain its full-year 2018 cash flow guidance and FCF can improve markedly in 2019, then the Wabtec deal will turn out to have been a smart move. All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. Is it the same ($73.96) as the shares added on 2/25/19? At GE, we are committed to building a more diverse workforce and a more inclusive workplace. To view a copy of the presentation that will be discussed during the call, click on the Press Releases tab under About Us and click on the press release titled Wabtec and GE Transportation to Merge. The presentation will be included at the end of the press release on the website.
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