DiamondRock Hospitality Co. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by DiamondRock Hospitality Company on January 28, 2010. The report details the results of stockholder elections regarding the regular dividend declared by the Board of Directors on December 15, 2009.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. It focuses exclusively on the mechanics of the dividend distribution.
- Dividend Amount: $0.33 per share of Common Stock.
- Payment Date: January 29, 2010.
- Record Date: December 28, 2009.
- Share Valuation: $9.5711 per share (average volume-weighted trading price from January 19–21, 2010).
- Total Cash Component: Approximately $4.1 million.
- Total Stock Component: Approximately 3.9 million shares of Common Stock.
Material Changes and Dividend Structure
Based on stockholder elections, the dividend will be paid as a combination of cash and stock. The specific payout structure varies by election choice:
- All-Cash Election: Stockholders receive $0.041339 per share in cash and $0.288661 per share in Common Stock.
- All-Stock Election: Stockholders receive the full dividend in shares of Common Stock.
- No Election: Stockholders who failed to make an election will receive the dividend in shares of Common Stock.
- Fractional Shares: Paid in cash.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of risks and contingencies beyond the standard execution of the dividend plan. The terms were previously detailed in a prospectus filed on December 30, 2009.
Key Facts for Investor Verification
- Verify the exact number of shares held on the record date of December 28, 2009, to calculate total dividend entitlement.
- Confirm whether an election form was submitted by the January 18, 2010 deadline, as failure to elect results in a stock-only payout.
- Note that the cash portion of the dividend is limited; even those electing "all cash" will receive a significant portion in stock due to aggregate cash limitations.
- Review the attached Press Release (Exhibit 99.1) for any additional details on the distribution process.