Diamond Resorts International, Inc. Announces $100 Million Share Repurchase Program
October 29 2014 - 4:05PM
Business Wire
Diamond Resorts International, Inc. (NYSE:DRII) (the “Company”)
announced today that its Board of Directors authorized a share
repurchase program allowing for the expenditure of up to $100
million for the repurchase of the Company’s common stock.
Repurchases will be made from time to time in accordance with
applicable securities laws in the open market and/or in privately
negotiated transactions, and may include repurchases pursuant to
Rule 10b5-1 trading plans. The share repurchase program is
effective immediately, and repurchases may begin as soon as
November 3, 2014.
David F. Palmer, President and Chief Executive Officer, stated,
“Our Board of Directors has authorized a $100 million share
repurchase program that we anticipate initiating this quarter. This
repurchase program reflects the Company’s strong financial
condition and the confidence our Board and management team have in
our ability to continue executing and generating strong free cash
flow, and this program will not preclude us from other
opportunities to effectively utilize our cash. We view this program
as an effective way to enhance shareholder value, as we see
tremendous value in Diamond’s stock.”
The repurchase program does not obligate the Company to acquire
any particular amount of common stock or to acquire shares on any
particular timetable, and the program may be suspended at any time
at the Company’s discretion. The timing and amount of share
repurchases will be determined by the Company’s management based on
its evaluation of market conditions, the trading price of the
stock, applicable legal requirements, compliance with the
provisions of the Company’s credit agreement, and other
factors.
About Diamond Resorts International®
Diamond Resorts International®, with its network of 313 vacation
destinations located in 34 countries throughout the continental
United States, Hawaii, Canada, Mexico, the Caribbean, South
America, Central America, Europe, Asia, Australia and Africa
provides guests with choices and flexibility as they design their
dream vacation, whether they’re traveling an hour away or around
the world. Our hassle-free, relaxing vacations give guests a truly
memorable experience every time, for a lifetime.
Diamond Resorts International® owns, operates and manages
vacation ownership resorts and, through resort and partner
affiliation agreements, provides members and owners with access to
93 managed resorts, 162 affiliated resorts, 52 affiliated hotels
and six cruise itineraries through THE Club® at Diamond Resorts
International®. To learn more, visit www.DiamondResorts.com.
Cautionary Notes
This press release contains forward-looking statements,
including statements about the Company’s current expectations
regarding future repurchases of its common stock. These
forward-looking statements are covered by the “Safe Harbor for
Forward-Looking Statements” provided by the Private Securities
Litigation Reform Act of 1995. The Company has tried to identify
these forward looking statements by using words such as “expect,”
“anticipate,” “plan,” “will,” “would,” “should,” “could,” “believe”
or similar expressions, but these words are not the exclusive means
for identifying such statements. The Company cautions that a number
of risks, uncertainties and other factors could cause actual
results or performance to differ materially from those expressed
in, or implied by, the forward-looking statements, including,
without limitation, future economic, competitive and market
conditions; the market price of the Company’s stock prevailing from
time to time; alternative uses of cash and the nature of other
investment opportunities presented to the Company from time to
time; the Company’s compliance with the financial and other
covenants contained in the credit agreement with respect to the
Company’s senior secured credit facility; and future business
decisions. For a detailed discussion of factors that could affect
the Company’s future operating results, please see the Company’s
filings with the Securities and Exchange Commission, including the
disclosures under “Risk Factors” in those filings. Except as
expressly required by the federal securities laws, the Company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, changed
circumstances or future events or for any other reason.
Media:Diamond Resorts International®Stevi Wara,
702-823-7069media@diamondresorts.comorInvestor:Sloane and
CompanyErica Bartsch, 212-446-1875ebartsch@sloanepr.com
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