HOUSTON, Nov. 10, 2020 /PRNewswire/ -- Luby's, Inc.
(NYSE: LUB) (the "Company") today announced that Institutional
Shareholder Services Inc. ("ISS"), a leading proxy voting advisory
firm, has recommended that Luby's stockholders vote in favor of the
Company's Plan of Liquidation and Dissolution (the "Plan").
In recommending "FOR" the Plan, ISS noted that1: "The
board appears to have conducted a robust, multi-year process prior
to making the decision to dissolve and liquidate the company."
Further, ISS analyzed the financial condition of the Company and
stated: "The board's assertion that a dissolution is the most
viable alternative seems reasonable." ISS also stated that "the
market appears to have reacted positively to the proposed plan of
dissolution. As such, support for this proposal is warranted."
The Company also noted that ISS recommends voting "FOR" the
Company's proposals to amend the Company's Amended and Restated
Certificate of Incorporation to reduce the minimum and maximum
number of directors (Proposal 3) and to allow stockholders to act
by written consent (Proposal 4).
The Company has filed with the U.S. Securities and Exchange
Commission definitive proxy materials in connection with its
solicitation of proxies in favor of the Plan at the special meeting
of stockholders scheduled to be held on November 17, 2020. Your vote is important. The
Board of Directors recommends stockholders vote "FOR" the Plan and
each proposal on the agenda for the upcoming special meeting. If
you have any questions or need assistance voting your shares please
contact the Company's proxy solicitor, Morrow Sodali LLC, at (800)
662-5200 or LUB@investor.morrowsodali.com.
1 Permission to quote ISS was neither sought nor
obtained. Emphasis added.
Important Additional Information filed with the
SEC
The Company has filed with the U.S. Securities and Exchange
Commission (the "SEC") a definitive proxy statement and a
supplement thereto (together, the "Definitive Proxy Statement") and
other relevant materials. THE COMPANY'S STOCKHOLDERS ARE URGED TO
READ THE DEFINITIVE PROXY STATEMENT AND THE OTHER RELEVANT
MATERIALS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE
COMPANY AND THE PLAN. Stockholders may obtain a free copy of the
Definitive Proxy Statement and the other relevant materials, and
any other documents filed by the company with the SEC, at the SEC's
web site at http://www.sec.gov. A free copy of the Definitive Proxy
Statement and other documents filed with the SEC by the Company may
also be obtained by directing a written request to: Luby's, Inc.,
Investor Relations, 13111 Northwest Freeway, Suite 600,
Houston, Texas 77040 or at
http://www.lubysinc.com/investors/filings. Stockholders are urged
to read the proxy statement and the other relevant materials when
they become available before making any voting or investment
decision with respect to the Plan.
Participants in the
Solicitation
The Company and its directors and executive officers are
participants in the solicitation of proxies from the Company's
stockholders. Information about the participants and any interests
they have in the Plan are set forth in the Definitive Proxy
Statement. Additional information regarding these individuals may
be found in the Company's proxy statement for its 2020 annual
meeting of stockholders, which was filed with the SEC on
December 30, 2019. These documents
may be obtained free of charge at the SEC's website at www.sec.gov.
In addition, stockholders may obtain free copies of the documents
filed with the SEC by the Company by directing a written request
to: Luby's, Inc., Investor Relations, 13111 Northwest Freeway,
Suite 600, Houston, Texas 77040 or
at http://www.lubysinc.com/investors/filings.
About Luby's
Luby's, Inc. (NYSE: LUB) operates two core restaurant brands:
Luby's Cafeterias and Fuddruckers. Luby's is also the franchisor
for the Fuddruckers restaurant brand. In addition, through its
Luby's Culinary Contract Services business segment, Luby's provides
food service management to sites consisting of healthcare,
corporate dining locations, sports stadiums, and sales through
retail grocery stores.
For additional information contact:
Dennard Lascar Investor
Relations
Rick Black / Ken Dennard
LUB@dennardlascar.com
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SOURCE Luby's, Inc.