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June 13, 2014
08:35 EDTDRIIDiamond Resorts announces adoption of rule 10b5-1 plans by chairman, vice chair
Diamond Resorts announced that each of Stephen J. Cloobeck, Chairman of the Board, and Lowell D. Kraff, Vice Chairman of the Board, through their respective affiliates, has independently established a pre-arranged stock sale plan in accordance with the guidelines of Rule 10b5-1(c) under the Securities Exchange Act of 1934, and the company’s insider trading policy. Cloobeck has also advised that he expects to use a portion of the net proceeds from the sales of shares under his plan to repay borrowings under the $25M revolving loan facility entered into by Cloobeck’s affiliate Cloobeck Diamond Parent, which revolving loan facility is currently secured by approximately 8.7 million shares of company common stock held by CDP. Any sales under the plans will also result in an increased number of shares in the company’s public float, which may increase liquidity for the company’s stock. Cloobeck and Kraff informed the company that under their trading plans they intend to sell, respectively, 2,000,000 shares and 540,000 shares of company common stock beneficially owned by them at prevailing market prices and subject to certain criteria, including time parameters, minimum price levels and daily volume activity specified in each plan. No sales may take place under either plan prior to September.
News For DRII From The Last 14 Days
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November 25, 2015
06:01 EDTDRIIDiamond Resorts to acquire Intrawest Resorts Club Group for $85M
Diamond Resorts (DRII) announced that it has entered into a definitive agreement to purchase Intrawest Resort Club Group from Intrawest Resorts (SNOW) for $85M, subject to certain closing date adjustments. The transaction is expected to be completed by the first quarter of 2016. IRCG develops, sells interests in, and manages a points-based timeshare vacation club called Club Intrawest. The transaction includes the management contracts with Club Intrawest, the current balance of notes receivable, approximately four acres of undeveloped land, and the current balance of points available for sale.

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