CNL LIFESTYLE PROPERTIES, INC. (OTCMKTS:CLLY) Files An 8-K Completion of Acquisition or Disposition of Assets
Item2.01
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Completion of Acquisition or Disposition of Assets. |
As previously reported in a Current Report on Form 8-K filed on
November2, 2016, CNL Life>
On March24, 2017, at a special meeting of stockholders of the
Company at which a quorum was present, the stockholders approved
the Sale and a plan that contemplates the complete liquidation
and dissolution of the Company following the Sale (the Plan of
Dissolution). On April6, 2017, the Company and the Purchasers
consummated the Sale (the Closing Date), which resulted in cash
proceeds to the Company of approximately $153.2 million and
8,851,264 common shares of beneficial interest of EPR (the Share
Consideration). The Companys portion of the cash consideration
remains subject to certain post-closing purchase price
adjustments. Based on the closing price of EPR common shares of
$74.28 on the Closing Date, the value of the Share Consideration
as of the Closing Date is approximately $657.5 million, or
approximately $2.02 per each share of Company common stock. The
Company cautions that the value of the Share Consideration may
change between the Closing Date and the date of the Interim
Distribution.
to the Plan of Dissolution, the Company will distribute to
stockholders the net proceeds from the Sale. As previously
reported in a Current Report on Form 8-K filed on March24, 2016,
immediately following the special meeting of stockholders, the
Board unanimously established March31, 2017 as the record date
for stockholders entitled to receive the Share Consideration
along with such amount of cash, if any, that the Board may
subsequently determine to distribute to the stockholders (the
Interim Distribution). The Company anticipates that the Board
will authorize the Interim Distribution following the closing of
the Sale and that the Interim Distribution, consisting of the
Share Consideration and some amount of cash, will occur on or
around April20, 2017. The Share Consideration will be distributed
based on a ratio of approximately 2.7219 shares of EPR common
stock for each 100 shares of Company common stock.
| Item9.01 | Financial Statements and Exhibits |
The unaudited pro forma consolidated balance sheet of the Company
at December31, 2016, which illustrates the estimated effects of
the Sale described in Item 2.01 above, as if the Sale had
occurred on such date and the unaudited pro forma consolidated
statement of operations for the year ended December31, 2016 (the
Pro Forma Period), which includes certain pro forma adjustments
illustrating the effects of the Sale as if it had occurred prior
to the first day of the Pro Forma Period, will be filed in an
amendment to this Form 8-K, on Form 8-K/A, no later than April12,
2017 (or four business days following the Closing Date).
About CNL LIFESTYLE PROPERTIES, INC. (OTCMKTS:CLLY)
CNL Lifestyle Properties, Inc. is a real estate investment trust. The Company invests in and owns a diversified portfolio of real estate. The Company’s operating partnership is CLP Partners, LP, which conducts its operations and owns its assets. CNL Lifestyle Advisor Corporation provides management, acquisition, disposition, advisory and administrative services to the Company. It has investments in lifestyle properties in the United States. The Company’s properties include Brighton Ski Resort in Brighton, Utah; Crested Butte Mountain Resort in Mt. Crested Butte, Colorado; Gatlinburg Sky Lift in Gatlinburg, Tennessee; Jiminy Peak Mountain Resort in Hancock, Massachusetts; Loon Mountain Resort in Lincoln, New Hampshire; Hawaiian Falls-The Colony in The Colony, Texas; Pacific Park in Santa Monica, California; Waterworld in Concord, California; White Water Bay in Oklahoma City, Oklahoma; Anacapa Isle Marina in Oxnard, California, and Cabrillo Isle Marina in San Diego, California. CNL LIFESTYLE PROPERTIES, INC. (OTCMKTS:CLLY) Recent Trading Information
CNL LIFESTYLE PROPERTIES, INC. (OTCMKTS:CLLY) closed its last trading session 00.00 at 1.65 with 1,360 shares trading hands.