Allied Hotel Properties Inc. Announces Special Dividend
February 13 2020 - 7:30AM
Allied Hotel Properties Inc. (“
Allied” or the
“
Company”) (TSX-V: AHP), announced today that it
has declared a special cash dividend of approximately $0.47 per
common share, for an aggregate amount of $50 million (the
“
Dividend”). The Dividend will be paid on April 1,
2020, to Allied shareholders of record on the close of business on
March 2, 2020. The Dividend is considered an “eligible dividend”
for Canadian income tax purposes.
The Dividend is being is being funded by a
portion of the proceeds from the previously announced sale of all
or substantially all of the assets of the Company to DVP Hotel
Development LP for $102 million (subject to adjustments), which
closed on January 6, 2020.
On behalf of the Board of Directors:
(signed) Michael F. Chan
Michael F. Chan
President, Chief Financial Officer, Secretary
and Director
For more information please contact:Allied Hotel
Properties Inc.Tel: 604-669-5335Fax: 604-682-8131e-mail:
mikechan@alliedhotels.com
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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