For The Archives: Chesapeake's Spin-Off At The End Of The Month, June, 2014: SSE

In case I forget what this is all about, this is being posted for the archives Chesapeake will spin off a small oil services unit/company at the end of the month. From SeekingAlpha:

As of June 1, 2014, SSE's marketed fleet consisted of 20 Tier 1 rigs, including 10 proprietary PeakeRigs, 57 Tier 2 rigs and 9 Tier 3 rigs. It also owned nine hydraulic fracturing fleets with an aggregate of 360,000 horsepower, a diversified oilfield rentals business, and an oilfield trucking fleet consisting of 260 rig relocation trucks, 67 cranes and forklifts used in the movement of drilling rigs and other heavy equipment and 145 water transport trucks.

The four business units of this new spin-off/company:

• NOMAC Drilling
• Performance Technologies
• Great Plains Oilfield Rental
• Hodges Trucking Company/Hodges Oilfield Trucking Solutions

The ticker symbol will be SSE.

And I just love "google." I was curious how many shares of SSE one can expect for each share of CHK. This is the answer as of March 14, 2014 (I can't make this up; it's a cut and paste from the source):

A timeline wasn’t stated, but it was stated under terms of the spin-off that CHK shareholders will receive one share of SSE for every yet-to-be determined number of CHK stock held on a yet-to-be announced record date. 

That's sounds like an Obama speech without the apology for all of America's transgressions.

Surely we can do better.  Oh, there it is, right in the Seeking Alpha article (I missed it the first time):

CHK's shareholders will receive one share of SSE common stock for every 14 shares of CHK common stock held at the close of business on the record date of June 19, 2014. The distribution is expected to occur following the close of business on June 30, 2014.

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