Diamond Resorts International, Inc. Announces Termination of Rule 10b5-1 Trading Plan by Chairman
November 03 2014 - 8:30AM
Business Wire
Diamond Resorts International, Inc. (NYSE:DRII) (the “Company”)
today announced that Stephen J. Cloobeck, Chairman of the Board of
Directors, has informed the Company that he has terminated the
pre-arranged stock sale plan established by him earlier this year.
As previously disclosed, this trading plan provided for the sale by
an affiliate of Mr. Cloobeck of up to 2,000,000 shares of Company
common stock at prevailing market prices and subject to certain
criteria, and was adopted in accordance with the guidelines of Rule
10b5-1(c) under the Securities Exchange Act of 1934 and the
Company’s insider trading policy.
The trading plan was terminated effective immediately. Sales
pursuant to the trading plan commenced in September 2014 with, an
aggregate of 754,764 shares of Company common stock sold pursuant
to the plan as reported in filings made with the SEC. Mr. Cloobeck
currently beneficially owns approximately 22 million shares of the
Company’s common stock (representing approximately 29% of the
outstanding shares of the Company’s common stock).
In addition, the Company announced that it has been informed by
Lowell Kraff, the Vice Chairman of the Board of Directors, that no
additional shares are subject to sale under the pre-arranged stock
sale plans established by him earlier this year. Mr. Kraff
currently beneficially owns approximately eight million shares of
the Company’s common stock (representing approximately 11% of the
outstanding shares of the Company’s common stock).
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 Diamondresorts.com.
The respective beneficial ownership of shares of the Company’s
common stock by Messrs. Cloobeck and Kraff does not equate to their
respective economic interests in such shares. For additional
information regarding their interests, please refer to their
respective filings with the Securities and Exchange Commission,
including Forms 3 and 4 and Schedules 13D and amendments
thereto.
Diamond Resorts International®Media:Stevi Wara,
702-823-7069media@diamondresorts.comorInvestor:Sloane and
CompanyJoshua Hochberg, 212-486-9500jhochberg@sloanepr.com
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