• Corporate Events; E.W. Scripps Company (“SSP”) - Effective July 16, 2008

      • To
      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 08-148
      • Notice Date
      • 14 July 2008
      • Effective Date
      • 16 July 2008
    • ACTION:                                                           The E.W. Scripps Company (“SSP”) has announced a 1 for 3 reverse stock split. The ex-distribution date is Wednesday, July 16, 2008.
                                                                              This action will be coordinated with the Options Clearing Corporation.
      CATEGORY:                                                     3 for 1 Stock Split
      EQUITY SYMBOL:                                            E.W. Scripps Company (“SSP”)
      ONECHICAGO SYMBOL:                                             SSP1C will change to SSP3C. SSP2C will not change. New SSP1C contracts with a contract unit of 100 shares will be introduced on Thursday, July 17, 2008.   
      CME FUTURES SYMBOL:                                 WSC for the SSP1C; WS2 for the SSP2C; WS3 for the SSP3C
      NUMBER OF CONTRACTS:                               Unchanged
      EFFECTIVE DATE:                                           Effective the opening of business July 16, 2008 and thereafter.  
      MULTIPLIER:                                                   100; Unchanged
      DELIVERABLE PER CONTRACT:                      SSP3C:
      1)     33 The E.W. Scripps Company (“SSP”) Class A Common Shares
      2)     Cash in lieu of approximately .33 fractional SSP Shares
      1)     33 The E.W. Scripps Company (“SSP”) Class A Common Shares
      2)     100 Scripps Networks Interactive, Inc. (“SNI”) Class A Common Shares
      3)     Cash in lieu of approximately .33 fractional SSP shares
      SSP1C: Will be re-listed with a 100 share deliverable.
      APPLICABLE CONTRACT MONTHS:                 July, August, September, and December 2008
      SETTLEMENT PRICES AND POSITIONS:         Settlement prices are unchanged.
      The underlying price for the deliverable futures must be calculated, as follows:
      SSP2C (Deliverable) = .33 (WS2)
      SSP3C (Deliverable) = .33 (WSC)
      For example, after the contract adjustment, if WSC closes at 33, the SSP2C deliverable price would be calculated as follows:
      3 (33) = 99.00
      NOTES:                                                            The forecasted effect of the upcoming corporate event on each clearing firms’ positions can be viewed in infopac in the Corporate Event Initial Forecast Report (ONE712), the Corporate Event Final Forecast Report (ONE713), and the Corporate Event Forecast Audit Report (CPDBU710).
                                                                              If you have any questions regarding the information provided in the document, please call CME Clearing risk management hotline at (312) 648-3888.