Premier Investments (ASX:PMV) finalized the in-specie distribution of Myer (ASX:MYR) shares, allocating about 7.2 Myer shares for every 1 Premier share held as of the record date, according to a Thursday filing with the Australian bourse.

The AU$1.03 billion distribution, resulting from the merger between Myer and Premier's Apparel Brands business, includes a capital reduction of AU$0.81 per Premier share, and a fully franked distribution dividend of AU$5.65 per share, the filing said.

As a result, Premier no longer holds any Myer shares, the filing added.

Myer shares will start trading on the Australian Securities Exchange on Friday, while ineligible shareholders will receive proceeds from the sale facility, PMV said.

Shares of Premier Investments rose past 1% in recent Thursday trade, while shares of Myer were down nearly 2%.