United Parks & Resorts shareholders greenlight $500m buyback, amend Hill Path deal

United Parks & Resorts Inc. (NYSE: PRKS), a outstanding operator within the theme park and leisure sector, introduced that its shareholders decisively voted in favor of a $500 million share buyback plan and an modification to its shareholder settlement with Hill Path Capital LP on Monday, March 25, 2024. Throughout a Particular Assembly of Stockholders convened on the identical day, the attendees ratified a revision to the Stockholders Settlement initially made on February 27, 2024, which was initially signed with Hill Path Capital LP on Might 27, 2019. Following the approval of this modification, the shareholders additionally greenlit a brand new share repurchase initiative permitting the corporate to purchase again as much as $500 million of its widespread inventory. This buyback is contingent on guaranteeing that the possession proportion of Hill Path’s widespread inventory doesn’t attain or surpass 50% because of the repurchase.

“We thank our stockholders for his or her fast consideration and vote on this necessary matter,” stated Marc Swanson, Chief Government Officer of United Parks & Resorts Inc. “We’re grateful to verify the sturdy alignment between our board and our stockholders on our capital allocation priorities.”

The approval for each the modification to the Stockholders Settlement and the Share Repurchase Program was overwhelming, with over 97% of votes in favor. These votes have been solid by nearly all of the corporate’s widespread stockholders eligible to vote, excluding shares owned by Hill Path and its associates.

The Share Repurchase Program permits United Parks & Resorts Inc. to purchase again shares utilizing varied strategies, reminiscent of open market transactions, personal agreements, or different authorized means, complying with federal securities legal guidelines, together with Rule 10b5-1 buying and selling plans and Rule 10b-18 of the Alternate Act. This program doesn’t have an expiration date and could be halted or terminated at any second. Selections relating to the variety of shares to buy and the timing will likely be influenced by the corporate’s operational intervals, monetary standing, market and enterprise circumstances, authorized constraints, debt obligations, and the potential for different funding alternatives.

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