HOUSTON, Oct. 13, 2021 /PRNewswire/ -- Luby's, Inc.
(NYSE: LUB) ("Luby's"), which is in the process of monetizing its
assets for the benefit of its shareholders, announced today that
the Company's Board of Directors has declared a cash liquidating
distribution of $2.00 per share to be
paid on November 1, 2021 to
shareholders of record as of October
25, 2021. The liquidating distribution is being paid
from the net proceeds from recent property sales.
Investors should note that the ex-dividend date is set by the
New York Stock Exchange ("NYSE"). Under the rules of the
NYSE, when a distribution is declared in a per share amount that
exceeds 25% of a company's stock price, the date on which that
company's shares will begin to trade without the dividend, or
ex-dividend, is the first business day following the payment
date. Accordingly, the NYSE has informed the Company that it
has set an ex-dividend date for the cash liquidating distribution
of November 2, 2021.
Consequently, if a shareholder as of the record date sells shares
at any time prior to the ex-dividend date of November 2, 2021, they will not receive the cash
liquidating distribution with respect to the shares sold.
Luby's, Inc. (NYSE: LUB) previously announced its plan of
liquidation and dissolution, which was approved by its shareholders
on November 17, 2020. Luby's has sold
both its restaurant brands, Luby's Cafeterias and Fuddruckers.
Luby's is actively seeking buyers for its Luby's Culinary Contract
Services business segment, its packaged foods business segment and
its remaining real estate assets.
Forward Looking Statements
This press release contains 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 sales of assets, effects of the
Company's Liquidation and Dissolution Plan (the "Plan"), expected
value or proceeds attributable to the sale of assets, and expected
proceeds to be distributed to stockholders or the timing thereof.
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 effects of the
COVID-19 pandemic; the impact of competition; 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, including information
regarding the risks, uncertainties and other factors relating to
the Plan, the expected net proceeds from the sale of assets, and
expected proceeds to be distributed to stockholders.
For additional information contact:
John Garilli, Interim CEO
SOURCE Luby's, Inc.