HOUSTON, Jan. 29, 2020 /PRNewswire/ -- Luby's, Inc. (NYSE:
LUB) ("Luby's" or the "Company") today announced that its Board of
Directors has unanimously determined to amend its existing
shareholder Rights Agreement (the "Rights Agreement"), adopted on
February 15, 2018, in order to extend
its expiration date from February 15,
2020 to February 15, 2021. The
Board anticipates adopting the amendment on or about February 14, 2020 and intends to seek stockholder
approval of the amendment as soon as practicable thereafter.
The Board had previously determined not to seek shareholder
approval of the existing Rights Agreement at the Company's 2020
Annual Meeting of Shareholders, to be held on February 5, 2020, because it had anticipated
entering into a stockholders' agreement with its largest
shareholders, Christopher J. Pappas,
Harris J. Pappas and Pappas
Restaurants, Inc. As the parties have not yet reached an agreement,
the Board determined that it would be in the best interests of the
Company and its shareholders to extend the term of the Rights
Agreement, but also to seek shareholder approval of the same.
About Luby's
Luby's, Inc. (NYSE: LUB) operated 118 restaurants nationally as
of January 21, 2020: 78 Luby's
Cafeterias, 39 Fuddruckers, and one Cheeseburger in Paradise
restaurant. Luby's is the franchisor for 95 Fuddruckers
franchise locations across the United
States (including Puerto
Rico), Canada, Mexico, and Panama. Luby's Culinary
Contract Services provides food service management to 33 sites
consisting of healthcare, corporate dining locations, sports
stadiums, and sales through retail grocery stores.
Forward Looking Statements
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve substantial risks and uncertainties. Actual
results or events could differ materially from the plans,
intentions, and expectations disclosed in such forward-looking
statements. The words "anticipates," "believes," "expects,"
"estimates," "projects," "plans," "intends," "may," "will,"
"would," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Factors that might
cause such differences include general business and market
conditions and other factors included in Luby's reports filed with
the SEC, particularly in the "Risk Factors" sections of Luby's
latest Annual Report on Form 10-K for year ended August 28, 2019, filed with the SEC on
November 26, 2019, as such Risk
Factors may be updated from time to time in subsequent reports.
Luby's does not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
For additional information contact:
Dennard Lascar Investor
Relations
713-529-6600
Rick Black / Ken Dennard
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SOURCE Luby's, Inc.