Apartment Investment and Management Company Sets Ratio for Reverse Stock Split
February 13 2019 - 4:19PM
Business Wire
Apartment Investment and Management Company (“Aimco”) (NYSE:
AIV) today announced that a committee of its Board of Directors has
established 1-for-1.03119 as the ratio for the previously-announced
reverse stock split of its outstanding shares of common stock.
The reverse stock split will become effective at 5:00 pm Eastern
Time on February 20, 2019, and Aimco's common stock will begin
trading on a split-adjusted basis on the New York Stock Exchange
("NYSE") as of the opening of trading on February 21, 2019, under
Aimco's existing symbol “AIV.” Aimco's common stock has been
assigned a new CUSIP number of 03748R754 in connection with the
reverse stock split.
When the reverse stock split becomes effective, every 1.03119 of
the Company's issued and outstanding shares of common stock will be
combined into one share, without any change to the par value per
share. No fractional shares will be issued in connection with the
reverse stock split. Stockholders who would otherwise hold a
fraction of a share will receive a cash payment in lieu thereof at
a price equal to that fraction of a share to which the stockholder
would otherwise be entitled, multiplied by the closing price of
Aimco's common stock on the NYSE on February 19, 2019.
The purpose of the reverse stock split is to neutralize the
dilutive impact of the stock to be issued in the special dividend
that was announced on February 4, 2019. Aimco's Board of Directors
declared a special dividend on the common stock that consists of
$67.1 million in cash and 4.5 million shares of common stock, and
gives stockholders the opportunity to elect to receive the special
dividend in the form of all cash or all stock, subject to proration
if either option is oversubscribed. The special dividend will be
payable on March 22, 2019, to stockholders of record as of February
22, 2019. Total shares of Aimco common stock outstanding following
completion of both the special dividend and the reverse stock split
are expected to be unchanged from the total shares outstanding
immediately prior to the two transactions, although some
stockholders may have more shares and some may have fewer based on
their individual dividend elections. The reverse stock split will
ensure comparability of Aimco per share results before and after
these transactions.
The Company has retained its transfer agent, Computershare, Inc.
("Computershare"), to act as its exchange agent for the reverse
stock split. Computershare will manage the exchange of pre-split
shares for post-split shares. Stockholders of record as of the
close of business on February 20, 2019, will receive a letter of
transmittal providing instructions for the exchange of their
shares. Brokers, banks and other nominees will be instructed to
effect the reverse stock split for their beneficial holders who
hold shares of Aimco common stock in street name. However, these
brokers, banks and other nominees may have different procedures for
processing the reverse stock split and making payment for
fractional shares than those procedures that apply to registered
stockholders. Stockholders who hold shares of Aimco common stock
with a broker, bank or other nominee and who have any questions in
this regard are encouraged to contact their brokers, banks or other
nominees. For further information, stockholders and securities
brokers should contact Computershare by telephone at
1-800-546-5141.
About Aimco
Aimco is a real estate investment trust focused on the ownership
and management of quality apartment communities located in select
markets in the United States. Aimco is one of the country’s largest
owners and operators of apartments, with ownership interests in 132
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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Aimco Investor Relations(303) 793-4661Investor@aimco.com
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