20th Nov 2006 07:00
Verizon Communications17 November 2006 NEWS RELEASE FOR IMMEDIATE RELEASE Media contact:November 17, 2006 Bob Varettoni 908-559-6388 [email protected] Idearc to Begin Trading Under Symbol 'IAR' on Nov. 20 Regular Way Trading in 'VZ' Includes Idearc Stock Dividend Through Close of Business Today as Spin-off Is Completed NEW YORK - On Monday, Nov. 20, Idearc Inc. common stock will begin trading inthe regular way market on the New York Stock Exchange (NYSE) under the symbol "IAR." The previously announced spin-off of Idearc to shareholders of VerizonCommunications Inc. (NYSE:VZ) was completed today, and Idearc now owns what werethe Verizon domestic print and Internet yellow pages directories publishingoperations. Verizon distributed a dividend of one share of Idearc common stockfor every 20 shares of Verizon common stock held as of5 p.m. on Nov. 1 (the "Idearc Stock Dividend"). Beginning Nov. 6 and continuing through the close of business today, there havebeen two markets in Verizon common stock: a "regular way" market (whichincludes the Idearc Stock Dividend) and an "ex-distribution" market (which doesnot include the Idearc Stock Dividend). Verizon has been advised by the NYSE that regular way trading under the symbol "VZ" includes the Idearc Stock Dividend through the close of business today.This means that a purchaser who buys shares of Verizon common stock in theregular way market under the symbol "VZ" through the close of business todaywill also buy the right to receive the Idearc Stock Dividend associated withthose Verizon shares. Similarly, when-issued trading in Idearc common stockunder the symbol "IAR wi" will continue on the NYSE through the close ofbusiness today. Beginning on Nov. 20, Verizon common stock trading under the symbol "VZ" will nolonger include the Idearc Stock Dividend. For further information, see Idearc's Form 10 Registration Statement, asamended, filed with the Securities and Exchange Commission and available onlineat www.sec.gov. #### VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches andbiographies, media contacts, high quality video and images, and otherinformation are available at Verizon's News Center on the World Wide Web atwww.verizon.com/news. To receive news releases by e-mail, visit the News Centerand register for customized automatic delivery of Verizon news releases. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VZC.L