JACKSONVILLE, Fla., June 16 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. , a leading global provider of technology services to financial institutions, today announced that it has set the record date and distribution date for the distribution of Lender Processing Services, Inc. (pending NYSE: LPS) common stock to FIS shareholders.
The distribution of LPS common stock will be made on July 1, 2008 to FIS shareholders of record as of June 24, 2008. Each FIS shareholder will receive one-half share of LPS common stock for every share of FIS common stock held as of the close of business on the record date noted above. Shareholders will receive a cash payment in lieu of any fractional shares.
Because of the nature of the distribution of LPS common stock, the New York Stock Exchange has determined that the ex-distribution date will be July 2, 2008, the business day following the distribution date for the common stock of LPS. FIS shareholders of record on the June 24, 2008 record date who subsequently sell their shares of FIS common stock through the July 1, 2008 distribution date will also be selling their rights to receive the distribution of LPS common stock. Investors are encouraged to consult their financial advisors regarding the specific implications of the deferral of the ex-distribution date and the selling of shares of FIS common stock through the distribution date.
As previously announced, the spin-off of LPS will be tax-free to FIS, as well as to LPS and FIS shareholders. FIS shareholders will recognize a gain or loss on the receipt of any cash in lieu of fractional shares.
Lender Processing Services, Inc.'s common stock will trade on the NYSE under the symbol "LPS". The common stock of Fidelity National Information Services, Inc. will continue to trade on the NYSE under the symbol "FIS".
A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC") but has not yet become effective. The distribution of LPS common stock to FIS shareholders is conditioned upon the Registration Statement on Form 10 of LPS relating to the distribution being declared effective by the SEC prior to June 23, 2008. If not declared effective by that date, the dividend distribution will not be effective and it is anticipated that the record date would be reset to a future date. LPS expects the Registration Statement on Form 10 to be declared effective by the SEC during the week beginning Monday, June 16, 2008.
An information statement with details about the LPS spin-off will be mailed to FIS shareholders. For additional information, registered shareholders should contact FIS's transfer agent Computershare Investor Services at 866-612-1841. Shareholders who hold their shares through a broker, bank, or other nominee, should contact their broker or bank directly.
These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Fidelity National Information Services
Fidelity National Information Services, Inc. is a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500(R) Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insight in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 13,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/ .
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention and default, augmented by the company's award- winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS' Mortgage Servicing Package (MSP). In fact, many of the nation's top servicers rely on MSP, including seven of the top 10 and 16 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, those described in the Company's filing with the Securities and Exchange Commission, including its 2007 10-K and most recently filed Form 8-Ks.
