1.   Essentially, a spinoff detaches a subsidiary business from the parent company and gives direct ownership in the business to stockholders by distributing shares in a new company.

2.   Four of the five building societies are converting to banks by distributing shares to their members between May and September.

3.   Online investment banks have tried to persuade technology companies to hire them for their expertise in distributing shares over the Internet and for the technological savvy of their customers.

4.   The company divested its securities brokerage operation through a sale to employees and distributing preferred shares in Everen Capital Corp., the new name for Kemper Securities.

5.   The Halifax and three other building societies this year will become banks by distributing share to members and list them on the London Stock Exchange.