TravelCenters of America LLC Announces Annual Meeting Results and Plan to Convert to a Corporation
May 23 2019 - 4:29PM
Business Wire
TravelCenters of America LLC (Nasdaq: TA) today announced the
results of its 2019 Annual Meeting of Shareholders, which was held
earlier today, as follows.
Lisa Harris Jones was re-elected as an Independent Director in
Group III. The final tabulation of the percentage of shareholders’
votes cast for this Independent Director is as follows:
Independent
Director
Percentage of Shares
Voted For
Lisa Harris Jones 67.2%
Shareholders ratified the appointment of RSM US LLP as TA’s
independent registered public accounting firm to serve for the 2019
fiscal year.
Proposal
Percentage of Shares
Voted For
Ratification of Independent Auditors 94.4%
T A also announced that its Board of Directors unanimously
approved a plan to convert from a Delaware limited liability
company, or LLC, to a Maryland corporation. This conversion
requires certain regulatory approvals and TA expects to complete
the conversion before the end of 2019.
Andy Rebholz, Chief Executive Officer and Managing Director of
TA, made the following statement:
“Today we announce TA’s intent to convert from an LLC to a
corporation. The TA Board of Directors believes this conversion
will make it easier for a broader group of investors to own TA
stock, including by enabling possible index eligibility for
TA.”
About TravelCenters of America LLC:
TA's nationwide business includes travel centers located in 43
U.S. states and in Canada and standalone restaurants in 14 states.
TA's travel centers operate under the "TravelCenters of America,"
"TA," "TA Express," "Petro Stopping Centers" and "Petro" brand
names and offer diesel and gasoline fueling, restaurants, truck
repair services, travel/convenience stores and other services
designed to provide attractive and efficient travel experiences to
professional drivers and other motorists. TA's standalone
restaurants operate principally under the "Quaker Steak & Lube"
brand name.
Warning Concerning
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities
laws. Whenever TA uses words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "will," "may" and
negatives or derivatives of these or similar expressions, TA is
making forward-looking statements. These forward-looking statements
are based upon TA's present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and
may not occur. Actual results may differ materially from
those contained in or implied by TA's forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, some of which are beyond TA's
control. Among others, the forward-looking statements which appear
in this press release that may not occur include:
- Mr. Rebholz states that TA’s conversion
from an LLC to a corporation will make it easier for a broader
group of investors to own TA stock, including by enabling possible
index eligibility for TA. In fact, there are many factors that are
considered for index inclusion and TA’s conversion may not result
in its stock being index eligible or included in an index and a
broader group of investors may not be able to, or may elect not to,
own TA stock.
- Mr. Rebholz states that it is expected
that the conversion to a corporation will take place before the end
of 2019. The process of converting requires certain regulatory
approvals and therefore is not completely in TA’s control and the
conversion may be delayed, or, may not be able to be
completed.
The information contained in TA's periodic reports, including
TA's Annual Report on Form 10-K for the year ended December 31,
2018, and TA's Quarterly Report on Form 10-Q for the period ended
March 31, 2019, which have been filed with the U.S. Securities
and Exchange Commission, or SEC, under the caption "Risk Factors,"
or elsewhere in those reports, or incorporated therein, identifies
other important factors that could cause differences from TA's
forward-looking statements. TA's filings with the SEC are available
on the SEC's website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, TA does not intend to update or
change any forward-looking statement as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005808/en/
Katie Strohacker, Senior Director, Investor Relations(617)
796-8251www.ta-petro.com
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