Nev., Oct. 24, 2022 /PRNewswire/ -- AMERCO
(Nasdaq: UHAL), the parent of U-Haul International, Inc., Oxford
Life Insurance Company, Repwest Insurance Company and Amerco Real
Estate Company, today announced that an Independent Special
Committee of its Board of Directors has approved various actions,
including a corporate name change and a 9-for-1 stock dividend of
shares of a newly-created series of non-voting common stock of the
"The committee set out to evaluate a variety of corporate
actions aiming to attract and retain stockholders who align with
the Company's long-term outlook and to respond to input received
from Company stockholders," stated James J.
Grogan, who was elected chair of the Independent Special
Committee by his fellow committee members. "The actions we are
directing are designed to enhance the marketability of the stock
without consuming significant Company resources that should
otherwise be deployed to provide a higher level of service to our
customers and the do-it-yourself moving and self-storage
Long-term stockholders have
encouraged the Company to change its name to attract new
stockholders who may be unaware that AMERCO is the
parent company of one of the most recognized brands in North
America. The Committee has approved changing the name of the
Company to U-Haul Holding Company to help alleviate any perceived
disconnect by institutional or retail investors alike.
AMERCO will change its name by the end of calendar year
Creation of the Non-Voting Common Stock
Committee has authorized the creation of a new series of Common
Stock, designated as Series N Non-Voting Common Stock.
They have determined that this new series of stock would enhance
liquidity and marketability while preserving the Company's current
voting structure and long-term orientation. The Non-Voting
Common Stock will have a par value of $0.001 per share.
Application to the Nasdaq Global Select Market has been made to
list the new Non-Voting Common Stock under the ticker symbol
Nasdaq: UHALB. Shares of the Company's Voting Common Stock
will continue to trade under the ticker symbol Nasdaq: UHAL.
The Company's articles of incorporation provide the Board with
the authority to issue this additional series of Common
Stock. The Board delegated this authority to the
The holders of shares of Non-Voting Common Stock are entitled to
receive on a per share basis dividends or distributions no less
than the Company may pay from time to time on the Voting Common
Stock Dividend: Anticipated Trading Date of Newly Issued
The Committee has approved issuance of shares of
the Non-Voting Common Stock through a stock dividend, on a 9-for-1
basis, to all existing holders of the Company's Voting Common
Stock. The stock dividend is intended to have the same general
effects as a 10-for-1 stock split.
Every holder of Voting Common will subsequently have ten (10)
Common shares for every one (1) share held as of the record date.
Nine (9) shares will be Non-Voting Common. One (1) share will be
Voting Common. Together they will constitute exactly the same
proportional ownership interest as the original one share.
The shares of Non-Voting Common Stock will be distributed after
the close of trading on, or about, November
9, 2022, to stockholders of record of Voting Common Stock at
the close of business on November 3,
2022. We anticipate trading of the 176,470,092 shares of
Non-Voting Common Stock to begin on November
Background of the Independent Special
On April 6,
2022, the Company's Board of Directors approved the creation
of an Independent Special Committee to consider various matters and
actions. The Board appointed the following independent directors to
this Committee: James J. Grogan, Roberta
"Sissie" R. Shank and Richard J.
Herrera. Mr. Grogan serves as chair of the
Promptly following its creation, the Committee retained
financial advisors Moelis & Company, LLC and Richard C. Breeden & Co., LLC. The
Committee then examined multiple options aimed at enhancing the
marketability and liquidity of the Company's stock, with a
particular focus on actions intended to make stock ownership more
inclusive and accessible for retail investors, including team
members and customers of the Company.
The Independent Special Committee remains an active committee of
"The Independent Special Committee has thoughtfully responded to
feedback from Company stockholders while directing actions that
support long-term value creation for customers and the
organization," stated Joe Shoen,
chairman of AMERCO. "As a Company stockholder myself, I am excited
by the potential effects of the Committee's decisions."
AMERCO is the parent company of
U-Haul International, Inc., Oxford Life Insurance Company,
Repwest Insurance Company and Amerco Real Estate Company. U-Haul is
in the shared use business and was founded on the fundamental
philosophy that the division of use and specialization of ownership
is good for both U-Haul customers and the environment.
AMERCO will change its name to U-Haul Holding Company by
the end of calendar year 2022.
Founded in 1945, U-Haul is the No.
1 choice of do-it-yourself movers, with a network of more than
23,000 locations across all 50 states and 10 Canadian provinces.
U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every
hour of every day through the customer dispatch option on their
smartphones and our proprietary Live Verify technology. Our
customers' patronage has enabled the U-Haul fleet to grow to
approximately 186,000 trucks, 128,000 trailers and 46,000 towing
devices. U-Haul is the third largest self-storage operator in
North America and offers
895,000 rentable storage units and 76.6 million square
feet of self-storage space at owned and managed facilities. U-Haul
is the largest retailer of propane in the U.S., and continues to be
the largest installer of permanent trailer hitches in the
automotive aftermarket industry. U-Haul has been recognized
repeatedly as a leading "Best for Vets" employer and was recently
named one of the 15 Healthiest Workplaces in America.