Host Hotels & Resorts, Inc. Announces Results of Special Dividend Elections
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Host Hotels & Resorts, Inc. Announces Results of Special Dividend Elections
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Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-12-18
Host Hotels & Resorts, Inc. (NYSE: HST) announced the results of the election of its stockholders relating to its special dividend of $0.25 per share on its common stock, payable on December 18, 2009 to common stockholders of record at the close of business on November 6, 2009.
Based on the stockholder elections, the special dividend will consist of approximately $15.6 million of cash and approximately 13.4 million shares of common stock. The value per share used to determine the number of shares to be issued was calculated based on the volume weighted average price per share of the Company's common stock on the New York Stock Exchange for the three-day period ended December 9, 2009, or $10.4584 per share. All fractional shares will be paid in cash. Summarized results of the dividend election are as follows:
-- Holders of 84,582,030 shares of common stock elected to receive the dividend all in common stock, and will receive the dividend all in stock; and
-- Holders of 538,830,272 shares of common stock elected to receive the dividend all in cash, and will receive $0.028924 per share in cash (11.6%) and $0.221076 per share in stock (88.4%).
The special dividend will be taxable to stockholders for U.S. federal income tax purposes, without regard to whether payment is received in cash, shares of common stock, or a combination of both.
Registered stockholders with questions regarding the dividend election may call Computershare Trust Company, N.A., the Information Agent, at 866-367-6351. Stockholders who hold their shares through a bank, broker, or nominee and have questions regarding the dividend election should contact their bank, broker or nominee.
The issuance of 13.4 million shares of common stock pursuant to this dividend will result in an increase of approximately 2% in shares outstanding as of the record date of November 6, 2009.
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