LAS VEGAS--(BUSINESS WIRE)--Diamond Resorts International, Inc. (NYSE:DRII) (the “Company”) today announced that Stephen J. Cloobeck, Chairman of the Board of Directors, has informed the Company that he has terminated the pre-arranged stock sale plan established by him earlier this year. As previously disclosed, this trading plan provided for the sale by an affiliate of Mr. Cloobeck of up to 2,000,000 shares of Company common stock at prevailing market prices and subject to certain criteria, and was adopted in accordance with the guidelines of Rule 10b5-1(c) under the Securities Exchange Act of 1934 and the Company’s insider trading policy.
The trading plan was terminated effective immediately. Sales pursuant to the trading plan commenced in September 2014 with, an aggregate of 754,764 shares of Company common stock sold pursuant to the plan as reported in filings made with the SEC. Mr. Cloobeck currently beneficially owns approximately 22 million shares of the Company’s common stock (representing approximately 29% of the outstanding shares of the Company’s common stock).
In addition, the Company announced that it has been informed by Lowell Kraff, the Vice Chairman of the Board of Directors, that no additional shares are subject to sale under the pre-arranged stock sale plans established by him earlier this year. Mr. Kraff currently beneficially owns approximately eight million shares of the Company’s common stock (representing approximately 11% of the outstanding shares of the Company’s common stock).
About Diamond Resorts International®
Diamond Resorts International®, with its network of 313 vacation destinations located in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australia and Africa, provides guests with choices and flexibility as they design their dream vacation, whether they're traveling an hour away or around the world. Our hassle-free, relaxing vacations give guests a truly memorable experience every time, for a lifetime.
Diamond Resorts International® owns, operates and manages vacation ownership resorts and, through resort and partner affiliation agreements, provides members and owners with access to 93 managed resorts, 162 affiliated resorts, 52 affiliated hotels and six cruise itineraries through THE Club® at Diamond Resorts International®. To learn more, visit Diamondresorts.com.
The respective beneficial ownership of shares of the Company’s common stock by Messrs. Cloobeck and Kraff does not equate to their respective economic interests in such shares. For additional information regarding their interests, please refer to their respective filings with the Securities and Exchange Commission, including Forms 3 and 4 and Schedules 13D and amendments thereto.