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L Brands, Inc. Message Board

  • How will the split off from LTD occur? Will I have to give up
    some of my LTD shares for ANF shares?

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    • If I understand it correctly and it works like this sort of thing usually does, sometime soon we'll all get a package from
      limited that will contain lots of legalese but will basically offer to trade ANF shares for our LTD shares. Whether you accept the
      offer is up to you. If a lot of shareholders go for it you may only be able to trade some of your shares (may not be enough to go
      around). There may be a premium involved (I don't know) but the exchange price will be set on some arbitrary future date, or will be
      the average of closing prices over a range of days. Last I knew LTD owned about 83% of ANF, and I think they want to get away
      from being a mutual fund for their former spinoffs. The affect on the limited will be to decrease the number of LTD shares, like
      the buyback did a couple of years ago, which should increase the EPS (ie: the earnings will be divided between fewer shares),
      but without expending any cash.

      • 1 Reply to machiavelli7
      • I think you have just dropped the best info on the whole ANF/LTD trade-off. LTD wants to increase their EPS. What I want to know now, is what is going to happen to ANF stock afterwards? I wonder if all will dump it, take their fast cash, and dash? I'm sure if LTD stock starts to slump LTD will buy up even more of their own stock to again increase their EPS, as well as control their status on the big board.

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