HOUSTON, May 5, 2022
/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 $0.20 per share to be paid on May 24, 2022, to shareholders of record as of
May 17, 2022. The liquidating
distribution is being paid from the net proceeds from recent
property sales. The distribution follows an initial distribution of
$2.00 per share paid on November 1, 2021, and a subsequent distribution
of $0.50 per share paid on
March 28, 2022.
The Company currently owns 18 real estate locations which it is
in the process of marketing and selling, including 7 locations that
are currently under contract to sell.
About Luby's
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, as
well as its Culinary Contract Services business segment.
Luby's is actively seeking buyers for 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; 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 governmental regulations, including changes in
minimum wages; the effects of inflation; unfavorable publicity
relating to operations, including publicity concerning food
quality, illness or other health concerns or labor relations; 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
LInvestors@lubys.com
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SOURCE Luby's, Inc.