Exelis Board Approves Spin-off Of Vectrus - Quick Facts

(RTTNews) - Exelis (XLS) announced that its board has approved the distribution to its shareholders of all of the outstanding shares of Vectrus, Inc., its current Mission Systems business division, which will result in two separate publicly traded companies. On September 27, 2014, the distribution date, each Exelis shareholder of record will receive one share of Vectrus common stock for every 18 shares of Exelis common stock held as of the close of business on September 18, 2014, the record date for the distribution.

Exelis currently has approximately 188 million shares of common stock outstanding. Based on the one-to-eighteen distribution ratio for the spin-off, approximately 10 million shares of Vectrus common stock will be distributed to Exelis shareholders.

Following completion of the spin-off, both companies will be listed on NYSE. Exelis shares will continue to trade under the ticker symbol, XLS, while Vectrus shares will trade under the symbol, VEC. Exelis expects that on or about September 16, 2014, shares of Vectrus will begin trading on a "when issued" basis under the symbol, VEC WI. Vectrus will begin "regular way" trading on September 29, 2014.