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RealBiz updates spinoff plans for real estate unit

RealBiz Media Group Inc., now operating as Verus Foods, has set new dates and provisions for the spinoff of its NestBuilder real estate division.

Shareholders of record, as of July 2, are now eligible to receive shares in NestBuilder, which will be distributed July 12, pending approval from the U.S. Financial Industry Regulatory Authority, RealBiz said in a July 2 news release. The new conversion ratio will be 900 RealBiz shares for one share of NestBuilder.

According to the company, the revised date allows more shareholders to participate in the spinoff, which is set to become effective July 12.

Following the spinoff, RealBiz will file a separate request with the U.S. Securities and Exchange Commission to change its name to "Verus Foods Inc."