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Ashford Hospitality Trust Inc Sets Record Date And Distribution Date For Spin-Off Of Ashford Hospitality Prime, Inc

Wednesday, 30 Oct 2013 10:06am EDT 

Ashford Hospitality Trust Inc announced that its Board of Directors has formally declared the distribution of shares of common stock of Ashford Hospitality Prime, Inc. (Ashford Prime), a wholly owned subsidiary of Ashford Trust. The distribution will consist of 100% of the common stock of Ashford Prime, which will be distributed to Ashford Trust shareholders. The spin-off will be completed through a pro-rata taxable dividend of Ashford Prime common stock on November 19, 2013 (the Distribution Date) to Ashford Trust stockholders of record (Ashford Trust Record Holders) as of the close of business of the New York Stock Exchange (NYSE) on November 8, 2013 (the Record Date). On the Distribution Date, each Ashford Trust stockholder will receive one share of Ashford Prime common stock for every five shares of Ashford Trust common stock held by such stockholder on the Record Date. Immediately following the spin-off, there will be approx 24.9 million shares of Ashford Prime common stock and partnership units outstanding. This will be comprised of approximately 16.1 million shares of Ashford Prime common stock and 8.8 million partnership units, which includes the partnership units issued to Ashford Trust reflecting its 20% ownership in Ashford Prime's operating partnership. The distribution of these shares will be made in book-entry form, which means that no physical share certificates will be issued. 

Company Quote

-0.23 -2.90%
4:00pm EDT