Ryman Hospitality Properties, Inc. RHP today announced the results of
stockholder elections related to the special dividend in the amount of $6.84
per share of common stock, or an aggregate of approximately $309.8 million,
declared in connection with Ryman Hospitality Properties' plan to qualify as a
real estate investment trust (REIT) for federal income tax purposes effective
as of January 1, 2013. The special dividend is payable on December 21, 2012 to
stockholders of record as of the close of business on November 13, 2012.
Stockholders of record had the option to elect to receive the special dividend
in cash or shares of common stock, with the total amount of cash payable to
stockholders limited to a maximum of 20 percent, or approximately $62.0
million, of the special dividend.
Holders of approximately 31.5 million shares, or 69.6% of Ryman Hospitality
Properties' outstanding common stock on the record date, elected to receive
the special dividend in cash. Holders of the approximately 13.8 million shares
remaining, or 30.4%, will receive their special dividend entirely in shares of
common stock. Stockholders who elected to receive the special dividend in cash
will receive approximately $1.9662 per share in cash and approximately 0.1317
shares of common stock for every share held on the record date. Stockholders
receiving the special dividend in stock will receive approximately 0.1848
shares of common stock for every share held on the record date. The number of
shares of common stock to be distributed is based on $37.0067 per share, which
is the average of the closing prices per share of common stock on the New York
Stock Exchange for the three trading days following December 7, 2012, the date
that election forms were due. All stockholders will receive cash in lieu of
any fractional shares. Ryman Hospitality Properties will issue approximately
6.7 million new shares of common stock in connection with the payment of the
special dividend.
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