UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 6, 2017
ILG, Inc.
(Exact name of registrant as specified in charter)
Delaware |
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001-34062 |
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26-2590997 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
6262 Sunset Drive, Miami, FL |
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33143 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (305) 666-1861
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01 Entry into a Material Definitive Agreement.
On December 6, 2017 ILG, Inc. (the Company) entered into Amendment No. 1 (the Amendment) to the Rights Agreement, dated as of June 10, 2009, between ILG, Inc. (f/k/a Interval Leisure Group, Inc.) and Computershare Inc., a Delaware corporation, as successor-in-interest to Computershare Shareowner Services LLC (f/k/a Mellon Investor Services LLC, as successor to The Bank of New York Mellon), as rights agent.
The Amendment accelerates the expiration of the Companys preferred stock purchase rights (the Rights) from 5:00 P.M. (New York City time) on June 10, 2019 to 5:00 P.M. (New York City time) on December 6, 2017, and has the effect of terminating the Rights Agreement on that date. At the time of the termination of the Rights Agreement, all of the Rights distributed to holders of the Companys common stock pursuant to the Rights Agreement will expire.
The foregoing is a summary of the terms of the Amendment. The summary does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 4.1 and incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement.
The information set forth under Item 1.01 is incorporated herein by reference.
Item 3.03 Material Modification to Rights of Security Holders.
The information set forth under Item 1.01 is incorporated herein by reference.
Item 5.03 Amendments to Articles of Incorporation or Bylaws Change in Fiscal Year.
In connection with the adoption of the Rights Agreement, on June 10, 2009, the Company filed a Certificate of Designation, Preferences and Rights with the Secretary of State of the State of Delaware setting forth the rights, powers and preferences of the Series A Junior Participating Preferred Stock issuable upon exercise of the Rights (the Series A Preferred Stock).
Promptly following the expiration of the Rights and the termination of the Rights Agreement, the Company will file a Certificate of Elimination (the Certificate of Elimination) with the Secretary of State of the State of Delaware eliminating the Series A Preferred Stock and returning them to authorized but undesignated shares of the Companys preferred stock.
The foregoing is a summary of the terms of the Certificate of Elimination. The summary does not purport to be complete and is qualified in its entirety by reference to the Certificate of Elimination, a copy of which is attached as Exhibit 3.1 and incorporated herein by reference.
Item 8.01 Other Events.
On December 6, 2017, the Company issued a press release announcing the Amendment. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits to this Form 8-K
Exhibit No. |
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Description |
3.1 |
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Certificate of Elimination of Series A Junior Participating Preferred Stock of ILG, Inc. |
4.1 |
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99.1 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ILG, Inc. | |
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By: |
/s/ Victoria J. Kincke |
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Name: |
Victoria J. Kincke |
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Title: |
Senior Vice President, General Counsel and Secretary |
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Date: December 6, 2017 |
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CERTIFICATE OF ELIMINATION
OF
SERIES A JUNIOR PARTICIPATING PREFERRED STOCK
OF
ILG, INC.
Pursuant to Section 151 of the
General Corporation Law of the State of Delaware
ILG, Inc., a corporation organized and existing under the laws of the State of Delaware (the Company), in accordance with the provisions of Section 151(g) of the General Corporation Law of the State of Delaware (the DGCL), hereby certifies as follows:
FIRST: The Certificate of Designations, Preferences and Rights filed with the Delaware Secretary of State on June 10, 2009 (the Certificate of Designation) authorizes the issuance of 100,000 shares of preferred stock of the Company, par value $0.01 per share, designated as Series A Junior Participating Preferred Stock (the Series A Preferred Stock).
SECOND: None of the authorized shares of the Series A Preferred Stock are outstanding and none will be issued subject to the Certificate of Designation.
THIRD: Pursuant to the authority conferred on the Board of Directors of the Company by the Certificate of Incorporation and in accordance with the provisions of Section 151(g) of the DGCL, the Board of Directors of the Company, on December 5, 2017, duly adopted the following resolutions authorizing the elimination of said Series A Preferred Stock:
RESOLVED, that none of the authorized shares of Series A Preferred Stock are outstanding, and none of the authorized shares of Series A Preferred Stock will be issued prior to the Final Expiration Date (as defined in the Rights Agreement);
RESOLVED, that the Company be, and hereby is, authorized and directed to file with the Secretary of State of the State of Delaware a certificate (the Certificate of Elimination) containing these resolutions, with the effect under the General Corporation Law of the State of Delaware of eliminating from the Companys Amended and Restated Certificate of Incorporation all matters set forth in the Certificate of Designation;
RESOLVED, that the officers of the Company be, and each of them hereby is, authorized and directed, for and on behalf of the Company and in its name, to execute and file the Certificate of Elimination at such time as they deem appropriate, and to take such further actions as they may deem necessary or appropriate to carry out the intent of the foregoing resolutions in accordance with the applicable provisions of the General Corporation Law of the State of Delaware;
FOURTH: That in accordance with the provisions of Section 151(g) of the DGCL, the Amended and Restated Certificate of Incorporation is hereby amended to eliminate all references to the Series A Preferred Stock, and the shares that were designated to such series hereby are returned to the status of authorized but unissued shares of the preferred stock of the Company, without designation as to series.
IN WITNESS WHEREOF, the Company has caused this Certificate of Elimination to be signed by its duly authorized officer, as of the 6th day of December, 2017.
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ILG, Inc. | |
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By: |
/s/ Victoria J. Kincke |
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Name: |
Victoria J. Kincke |
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Title: |
Senior Vice President and General Counsel |
AMENDMENT NO. 1 TO RIGHTS AGREEMENT
This AMENDMENT NO. 1 dated as of December 6, 2017 (this Amendment) to the Rights Agreement, dated as of June 10, 2009 (the Rights Agreement), is made by and between ILG, Inc. (f/k/a Interval Leisure Group, Inc.), a Delaware corporation (the Company), and Computershare Inc., a Delaware corporation, as successor-in-interest to Computershare Shareowner Services LLC (f/k/a Mellon Investor Services LLC, as successor to The Bank of New York Mellon) (in its capacity as the rights agent, the Rights Agent). Capitalized terms used in this Amendment and not otherwise defined herein shall have the meaning(s) given to them in the Rights Agreement.
WHEREAS, the Company and the Rights Agent are parties to the Rights Agreement;
WHEREAS, Section 27 (Supplements and Amendments) of the Rights Agreement provides that, prior to the Stock Acquisition Date, the Company and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement without the approval of any holders of shares of Common Stock;
WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to amend the Rights Agreement as set forth in this Amendment;
WHEREAS, pursuant to Section 27 of the Rights Agreement, an appropriate officer of the Company has delivered a certificate to the Rights Agent (i) stating that this Amendment is in compliance with Section 27 of the Rights Agreement, and (ii) directing the Rights Agent to execute this Amendment; and
WHEREAS, all acts and things necessary to make this Amendment a valid agreement, enforceable according to its terms, have been done and performed, and the execution and delivery of this Amendment by the Company and the Rights Agent have been in all respects duly authorized by the Company and the Rights Agent.
NOW, THEREFORE, in consideration of the promises and mutual agreements set forth herein, and intending to be legally bound hereby, the Company and the Rights Agent agree as follows:
Amendment of the Rights Agreement. Clause (i) of Section 7(a) of the Rights Agreement is hereby amended and restated in its entirety as follows:
(i) 5:00 P.M., New York City time, on December 6, 2017 (the Final Expiration Date).
Amendment of Exhibits. The exhibits to the Rights Agreement shall be deemed to be restated to reflect this Amendment, including all conforming changes.
Effect of Amendment. Except as expressly set forth herein, the Rights Agreement shall not by implication or otherwise be supplemented or amended by virtue of this Amendment, but shall remain in full force and effect, as amended hereby. This Amendment shall be construed in accordance with and as a part of the Rights Agreement, and all terms, conditions, representations, warranties, covenants and agreements set forth in the Rights Agreement and each other instrument or agreement referred to therein, except as herein amended, are hereby ratified and confirmed. To the extent that there is a conflict between the terms and provisions of the Rights Agreement and this Amendment, the terms and provisions of this Amendment shall govern for the purposes of the subject matter of this Amendment only. From and after the date hereof, any reference to the Rights Agreement shall mean the Rights Agreement as amended hereby.
Waiver of Notice. The Rights Agent and the Company hereby waive notice with respect to each other under the Rights Agreement, if any, pertaining to matters covered by this Amendment.
Counterparts. This Amendment may be executed in multiple counterparts (including by means of telecopied and email PDF signature pages), any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.
Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State; provided, however, that all provisions regarding the rights, duties, obligations and liabilities of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.
Descriptive Headings. Descriptive headings appear for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.
Effective Date of Amendment. This Amendment shall be deemed effective as of the date first written above, as if executed on such date.
[Remainder of Page Intentionally Left Blank]
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written.
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ILG, INC. | |||
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By: |
/s/ Victoria J. Kincke | ||
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Name: |
Victoria J. Kincke | |
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Title: |
Senior Vice President and General Counsel | |
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COMPUTERSHARE INC., as Rights Agent | |||
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By: |
/s/ Paul R. Capozzi | ||
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Name: |
Paul R. Capozzi | |
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Title: |
Senior Vice President, Investor Services | |
[Signature Page to Amendment No. 1 to Rights Agreement]
ILG TERMINATES STOCKHOLDER RIGHTS PLAN
Miami, FL, December 6, 2017 ILG, Inc. (Nasdaq: ILG) (ILG) today announced that it has amended its Rights Agreement (the Rights Plan) to accelerate the expiration date of the related preferred share purchase rights to 5:00 p.m. (New York City Time) on December 6, 2017, effectively terminating the Rights Plan as of today. Stockholders are not required to take any action as a result of this expiration.
ABOUT ILG
ILG is a leading provider of professionally delivered vacation experiences and the exclusive global licensee for the Hyatt®, Sheraton®, and Westin® brands in vacation ownership. The company offers its owners, members, and guests access to an array of benefits and services, as well as world-class destinations through its international portfolio of resorts and clubs. ILGs operating businesses include Aqua-Aston Hospitality, Hyatt Vacation Ownership, Interval International, Trading Places International, Vacation Resorts International, VRI Europe, and Vistana Signature Experiences. Through its subsidiaries, ILG independently owns and manages the Hyatt Residence Club program and uses the Hyatt Vacation Ownership name and other Hyatt® marks under license from affiliates of Hyatt Hotels Corporation. In addition, ILGs Vistana Signature Experiences, Inc. is the exclusive provider of vacation ownership for the Sheraton and Westin brands and uses related trademarks under license from Starwood Hotels & Resorts Worldwide, LLC. Headquartered in Miami, Florida, ILG has offices in 15 countries and more than 10,000 associates. For more information, visit www.ilg.com.
Investor Contact
Lily Arteaga, 305-925-7302
Investor Relations
Lily.Arteaga@ilg.com
Or
Media Contact
Christine Boesch, 305-925-7267
Corporate Communications
Chris.Boesch@ilg.com