Luby’s Announces Preliminary Results from Annual Meeting
January 25 2019 - 11:48AM
Business Wire
Shareholders Supported the Election of All
Nine of the Company’s Nominees Based on Preliminary Vote
Count
Luby’s, Inc. (NYSE: LUB) (“Luby’s” or the “Company”) today
announced that based on the preliminary vote count at the Company’s
2019 Annual Meeting of Shareholders reviewed by its proxy
solicitor, shareholders have supported the election of all nine of
the Company’s director nominees: Gerald W. Bodzy, Judith B. Craven,
M.D., Twila Day, Jill Griffin, Frank Markantonis, Joe C. McKinney,
Gasper Mir, III, Christopher J. Pappas and Harris J. Pappas.
Gasper Mir, III, Independent Chairman of Luby’s, said, “We
greatly appreciate the candid and valuable perspectives that
shareholders provided to us throughout this election and we
appreciate the support that we received from shareholders. Our goal
as a Company and a Board is to be responsive to shareholder
feedback and continue these dialogues, particularly as we conduct
the previously announced search to add two new independent
directors to the Board. We will welcome the input and views of
Bandera Partners during our Board refreshment process and will be
seeking to engage further with them in the near-term.”
Christopher J. Pappas, CEO of Luby’s, said, “With this annual
election now completed, our full focus returns to executing our
turnaround plan for the business and ensuring that we have our
right Board composition to oversee our strategy. Our goal is to
create value for all shareholders, and we will be working
tirelessly to achieve this by improving our operating results and
helping Luby’s reach its full potential.”
The preliminary voting results also indicate that at the Annual
Meeting shareholders approved the non-binding advisory vote to
approve the Company’s executive compensation and the ratification
of the appointment of the Company’s independent registered public
accounting firm. According to the preliminary voting results,
shareholders did not approve the proposal to approve an amendment
to the Company’s Amended and Restated Certificate of Incorporation
to eliminate the supermajority voting requirement for shareholders
to remove directors. In order to be approved, this proposal
required the affirmative vote of the holders of at least 80% of the
voting power of the outstanding shares.
The Company intends to file the voting results, as tabulated by
the Company’s independent Inspector of Elections, on a Form 8-K
with the Securities and Exchange Commission.
Luby’s is represented by Sidley Austin LLP.
About Luby’s
Luby’s, Inc. (NYSE: LUB) operates 142 restaurants nationally: 82
Luby’s Cafeterias and 59 Fuddruckers. The Company is also the
franchisor for 104 Fuddruckers franchise locations across the
United States (including Puerto Rico), Canada, Mexico, Panama, and
Colombia. Luby's Culinary Contract Services provides food service
management to 30 sites consisting of healthcare, higher education,
sport stadiums, and corporate dining locations.
Forward-Looking Statements
This press release may contain statements that are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this press release, other than statements of
historical fact, are “forward-looking statements” for purposes of
these provisions, including the statements regarding scheduled
openings of units, scheduled closures of units, sales of assets,
expected proceeds from the sale of assets, expected levels of
capital expenditures, effects of food commodity costs, anticipated
financial results in future periods and expectations of industry
conditions. Luby’s cautions readers that various factors could
cause its actual financial and operational results to differ
materially from those indicated by forward-looking statements made
from time-to-time in news releases, reports, proxy statements,
registration statements, and other written communications, as well
as oral statements made from time to time by representatives of
Luby’s. The following factors, as well as any other cautionary
language included in this press release, provide examples of risks,
uncertainties and events that may cause Luby’s actual results to
differ materially from the expectations Luby’s describes in such
forward-looking statements: general business and economic
conditions; the impact of competition; our operating initiatives;
fluctuations in the costs of commodities, including beef, poultry,
seafood, dairy, cheese and produce; increases in utility costs,
including the costs of natural gas and other energy supplies;
changes in the availability and cost of labor; the seasonality of
Luby’s business; changes in governmental regulations, including
changes in minimum wages; the effects of inflation; the
availability of credit; unfavorable publicity relating to
operations, including publicity concerning food quality, illness or
other health concerns or labor relations; the continued service of
key management personnel; and other risks and uncertainties
disclosed in Luby’s annual reports on Form 10-K and quarterly
reports on Form 10-Q. We undertake no obligation to update publicly
or otherwise revise any forward-looking statements, whether as a
result of new information, future events or other factors that
affect the subject of these statements, except where we are
expressly required to do so by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190125005360/en/
Investors:Morrow SodaliCharlie Koons / Mike VerrechiaToll
Free: (800) 662-5200Direct: (203)
658-9400lub@morrowsodali.comMedia:Sloane & CompanyDan
Zacchei / Joe Germani212-486-9500dzacchei@sloanepr.com /
jgermani@sloanepr.com
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