Bluegreen Vacations Corporation (BXG) stock identified change of 48.95% away from 52-week low price and recently located move of -56.83% off 52-week high price. The company has 74.45M of outstanding shares and 842.728M shares were floated in the market.
Bluegreen Vacations Corporation (BXG) reported recently that Bass Pro Inc. and its associates (Bass Pro”) and Bluegreen have settled their previous disputes and have amended their Marketing and Promotions Contract that will reinstate Bluegreen’s access to Bass Pro’s marketing channels, including all marketing activities in Bass Pro retail stores and extend into the Cabela’s retail stores.
The parties have entered into a Settlement Contract and Amendment which provides that:
- Bluegreen will pay
Bass Pro the following amounts as a settlement of all previous claims, with no
admission of wrongdoing:
$20M within 15 days of the execution of the Settlement and Amendment;
$4M each January 1st starting in 2020 through 2024 (a total of 5 payments in the amount of $4M each); and
Bass Pro will keep the remaining $1.5M of an amount prepaid to them earlier in 2019 under the Marketing and Promotions Contract.
- In lieu of the existing generation commission, Bluegreen will pay Bass Pro a fixed yearlyfee of $70,000 for each Bass Pro and Cabela’s store that Bluegreen is accessing plus $32.00 per net vacation package sold (less cancellations/refunds). The fixed yearly fee will be prorated for 2019. The Settlement and Amendment includes provisions regarding minimum numbers of stores that Bluegreen will be obligated to pay for, as well as provisions under which the minimum number of stores will be reduced.
- Bluegreen and Bass Pro agree on specific enhancements to its consumer service policies and procedures, as well as an improved complaint resolution process.
- Bluegreen and Bass Pro will continue expansion of the Bluegreen/Big Cedar Vacations, LLC joint venture and have modified certain terms of the operating contract of the joint venture, including that Bluegreen will continue to sell tours to the joint venture at agreed-upon costs.
- Bluegreen will become a supporter of the not-for-profit Wonders of Wildlife Foundation with a portion of proceeds from net vacation packages sold being donated to the cause, subject to a minimum yearly donation of $700,000.
- The parties agree to resolve any future disputes thru a binding arbitration process under the Judicial Arbitration and Mediation Services, Inc. (JAMS) process.
- The parties executed mutual waivers and releases and have agreed to the dismissal of the pending litigation.
Bluegreen Vacations Corporation (BXG) moved with change of +1.16% to $11.32 with the total traded volume of 134,959 shares in recent session versus to an average volume of 152,164. After opening the first trading session at $11.15, it registered a day’s high of $11.70 and touched a day’s low of $11.15.
Bluegreen Vacations Corporation operates as a vacation ownership company in the United States. It operates through two sections, Sales of VOIs and Financing; and Resort Operations and Club Management.
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