ACTION: AvalonBay Communities, Inc. (“AVB”) has announced a Special Dividend valued at $1.8075. AVB Stockholders will have the ability to elect to receive the dividends in the form of cash or additional AVB shares. The consideration which will accrue to non-electing AVB Shareholders is not known at this time. The cash or stock election must be received prior to 5:00 p.m. (EDT) on January 22, 2009.
The ex-distribution date is Wednesday, December 24, 2008. The payable date is January 29, 2009. The record date is December 29, 2008.
This corporate event will be coordinated with the Options Clearing Corporation.
CATEGORY: Stock Dividend
EQUITY SYMBOL: AvalonBay Communities, Inc. (“AVB”)
ONECHICAGO SYMBOL: AVB1C changes to AVB2C; a new AVB1C will be re-listed on Friday, December 26, 2008.
CME FUTURES SYMBOL: AV9 for the AVB2C; AVB for the re-listed AVB1C
EFFECTIVE DATE: Wednesday, December 24, 2008
MULTIPLIER: 100 (e.g., 1.00 equals $100.00)
NEW DELIVERABLE PER CONTRACT: For the AVB2C:
1) 100 AvalonBay Communities, Inc. (“AVB”) Common Shares
2) An additional amount of AvalonBay Communities, Inc. (“AVB”) Common Shares and/or Cash valued at $1.8075 which will accrue to non-electing AVB Shareholders (x 100)
3) Cash in lieu of AVB shares, if any
For the re-listed AVB1C:
100 AvalonBay Communities, Inc. (“AVB”) Common Shares
APPLICABLE CONTRACT MONTHS: December 2008; January, February, March, June 2009
SETTLEMENT PRICES AND POSITIONS: Settlement of UDR2C security futures which mature will be delayed until the consideration which accrues to non-electing UDR Shareholders is determined.
NOTES: The forecasted effect of the upcoming corporate event on each clearing firm’s 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).
The details after the corporate event has been applied can be viewed in the Corporate Event Activity Report (ONE711).
If you have any questions regarding the information provided in the document, please call CME Clearing Risk Management hotline at (312) 648-3888.