Attention, those of you who own Costamare Inc. (CMRE): CMRE has completed a spin-off of its dry bulk business into a new standalone company, Costamare Bulkers Holdings Limited (CMDB). As part of the spin-off, holders of CMRE stock will receive one share of CMDB for every five shares of CMRE owned on the date of record, April 29th, 2025.
If you are an owner of CMRE and you received shares of CMDB as a result of this spin-off, we are recommending that you sell the shares of CMDB and use the proceeds to reduce the cost basis of CMRE.
To adjust your CMRE holdings, please be sure to use the following steps:
CoPilot Clients:
1) Take the net amount for the sale of the CMDB shares, and divide it by the total number of shares that you currently own in CMRE; this will give you the cost basis adjustment that you will need for CMRE. For example, if you receive $1,000 in net proceeds, and you own 500 shares, you would take $1,000/500 for a cost basis adjustment of $2 per share.
2) Take the cost basis adjustment figure, and subtract it from the price paid for each of your outstanding bundles of shares on the position. For example, if you had a bundle of shares that was purchased for $40 and a cost basis adjustment of $2, you would subtract $2 from $40 to arrive at a new price paid of $38.
3) After you have completed adjusting each bundle of shares, you will
update your band rule worksheets to reflect the adjusted prices.
4) Update your Allocated Cash based off the new adjusted Initial
Purchase Price. Following this, you may resume regular trading of the
position.
AutoPilot Clients: Please sell your shares of CMDB on or after Trade Day. Once the shares are sold, please contact us, and we will adjust CMRE for you.
After we adjust your CMRE position, you will be able to place your normal trades on the position. Keep in mind, we can’t adjust the position until after you sell your shares of CMDB.