BGC Completes Newmark Share Distribution to Stockholders
BGC Partners BGCP announced that it has completed the distribution of all of the shares of Newmark Group NMRK. On Nov 13, 2018, BGCs board of directors approved the distribution of all Newmarks shares held by the company to its stockholders.
BGC distributed these shares through a special pro rata stock dividend. The spin-off became effective Nov 30 to BGC stockholders on record as of the close of business on Nov 23.
Based on the common stock outstanding as of the record date, stockholders of BGC Class A common stock received 0.463895 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. Following the spin-off, BGC no longer held any shares of Newmark.
Notably, BGC remains active in undertaking inorganic growth activities. In November 2018, the company announced that it has completed the acquisition of Poten & Partners Group. Poten is a ship brokerage, consulting and business intelligence firm specializing in LNG, tanker and LPG markets.
Shaun D. Lynn, president of BGC said, "We are excited about this strategic acquisition, which is very complementary to our current commodities offering. He further added, The addition of physical LNG, LPG and tanker brokerage, and energy consulting capabilities will allow BGC to expand its operations in the oil, gas and shipping sectors.
Further, in October 2018, BGC entered into an agreement to acquire Ed Broking Group Limited, an independent Lloyd's of ....