Hospitality Investors Trust Suspends Share Repurchase Program
March 1, 2019 | James Sprow | Blue Vault
On February 28, 2019, Hospitality Investors Trust, Inc. announced that its Board of Directors had suspended the Company’s Share Repurchase Program (the “SRP”). The suspension became effective immediately upon the filing of the Form 8-K and will remain in effect unless and until the Board takes further action to reactivate the SRP. There can be no assurance the SRP will be reactivated on its current terms, different terms or at all.
No repurchase requests made by any holder of the Company’s common stock to have shares of the Company’s common stock repurchased pursuant to the SRP following the effectiveness of the suspension will be valid. However, repurchase requests subject to a Roll-Over Election (as defined in the SRP) that were made after January 1, 2019 and prior to the effectiveness of the suspension may remain valid if and when the SRP is reactivated. For pending repurchase requests that are subject to a Roll-Over Election, the repurchase request will be retained by the Company and deemed to have been submitted, equivalently with any other repurchase request, for repurchase on the next succeeding Repurchase Date (as defined in the SRP) when the SRP is active (if the SRP is ever reactivated). All pending repurchase requests not subject to a Roll-Over Election will be deemed cancelled and must be re-submitted as a new repurchase request for the subject shares to be repurchased pursuant to the SRP if it is ever reactivated.
The full terms of the SRP can be found in the website maintained by the SEC, www.sec.gov, and the “Investor Relations — Share Repurchase Program” section of the Company’s website, www.hitreit.com.
According to Blue Vault’s Nontraded REIT Industry Review, Hospitality Investors Trust redeemed 170,260 common shares in Q2 2018, or approximately 0.43% of the weighted average common shares outstanding for the quarter. Those were the only shares redeemed for the nine months ended September 30, 2018.
Source: SEC, Blue Vault
