This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ryman Hospitality Properties Announces Details Of Special Dividend Elections And Valuation

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs