Benzinga | Nov 10, 2020 08:44AM EST

ISS Recommends Luby's Stockholders Vote For The Company's Plan Of Liquidation

ISS Concludes the Board Conducted a Robust, Multi-Year Process

ISS Highlighted the Positive Market Reaction to the Plan

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.