- Costamare Inc. (CMRE, Financial) plans to spin off its dry bulk business into Costamare Bulkers Holdings.
- Shareholders will receive one Costamare Bulkers (CMDB) share for every five CMRE shares.
- Regular trading for CMDB starts May 7, 2025, post-SEC and NYSE approval.
Costamare Inc. (CMRE) has officially announced its strategy to spin off its dry bulk business, forming a new independent entity named Costamare Bulkers Holdings Limited. The distribution is set for May 6, 2025, enabling shareholders to receive one share of Costamare Bulkers (CMDB) for every five shares of Costamare Inc. (CMRE) they possess as of the record date on April 29, 2025.
Key trading periods include the commencement of “due-bill” trading on April 29, 2025, followed by the start of "when-issued" trading under the ticker 'CMDB WI' on May 1, 2025. Regular trading for Costamare Bulkers shares will begin on May 7, 2025, under the ticker 'CMDB'. Fractional shares will be consolidated and sold for cash, providing shareholders with monetary compensation instead of partial shares.
This strategic move remains contingent upon regulatory approvals, including effectiveness from the U.S. Securities and Exchange Commission (SEC) and the listing approval on the New York Stock Exchange (NYSE). Morgan Stanley & Co. serves as the transaction advisor, providing strategic guidance throughout the process.
The spin-off aligns with Costamare's long-term objectives to separate its container and dry bulk operations, allowing each resulting entity to specialize in their respective markets. This can potentially enhance operational efficiencies and cater to specific investor interests, while also aiming to unlock additional shareholder value.
