Ryman Hospitality Properties, Inc. (NYSE: 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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