Apartment Investment and Management Company Announces Election Results for Special Dividend
December 01 2020 - 4:20PM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV) today announced the results of the stockholders’ elections
relating to the special dividend of $8.20 per outstanding share of
common stock as of the close of business on November 4, 2020 (the
“Record Date”). The aggregate amount payable in the special
dividend consists of approximately $121.8 million in cash (the
“Cash Amount”) and 35,386,723 shares of common stock (without
giving effect to cash paid in lieu of fractional shares), and was
payable after the close of business on November 30, 2020. For
purposes of determining the number of shares issued in the special
dividend, Aimco determined the volume weighted average trading
price of a share of Aimco common stock during the 10 trading day
period ending at the close of business on November 24, 2020, which
is $30.98.
Until November 20, 2020, stockholders of record as of the Record
Date had the opportunity to elect to receive payment of the special
dividend in all cash or in all stock, subject to proration as
described below if either option was oversubscribed. Stockholders
who did not properly make an affirmative election in respect of all
of the shares of common stock owned by them as of the Record Date
were deemed to have elected to receive all cash. As the total cash
elections (including deemed cash elections) exceeded the Cash
Amount, each stockholder who made a cash election (including deemed
cash elections) will receive a pro rata portion of the Cash Amount,
and will receive the remaining portion of the special dividend in
shares of common stock.
Summarized results of the dividend elections are as follows:
- Holders of 118,349,437 shares who elected to receive the
special dividend in all cash or who made no election will receive
$1.02924 per share in cash and $7.17076 per share in common
stock.
- Holders of 30,199,002 shares who elected to receive the special
dividend in all shares will receive $8.20 per share in common
stock.
Cash will be paid in lieu of fractional shares so that
stockholders receive a whole number of shares of common stock.
About Aimco
Aimco is a real estate investment trust focused on the ownership
and management of quality apartment communities located throughout
the United States. Aimco is one of the nation’s largest owners and
operators of apartments with 125 communities in 17 states and the
District of Columbia. Aimco common shares are traded on the New
York Stock Exchange under the ticker symbol “AIV” and are included
in the S&P 500. For more information about Aimco, please visit
our website at www.aimco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201201006169/en/
Contact: Matt Foster Director, Investor Relations (303) 793-4661
investor@aimco.com
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