BGC Partners Announces Spin Off Of Newmark

(RTTNews) - BGC Partners Inc. (BGCP) said that its board has approved the distribution of all of the shares of Newmark Group Inc. (NMRK) held by the Company to stockholders of BGC. The Company will distribute these Newmark shares through a special pro rata stock dividend.

The Spin-Off will be effective as of 12:01 a.m., New York City time, on November 30, 2018 to BGC stockholders of record as of the close of business on November 23, 2018.

Based on the number of common shares of BGC outstanding as of November 7, 2018, the Company estimates that, in the Distribution, stockholders of BGC Partners Class A common stock will receive about 0.4613 of a share of Newmark Class A common stock for every one share of BGC Partners Class A common stock held as of the Record Date.2 Following the Spin-Off, BGC will no longer hold any shares of Newmark.