Business
El Pollo Loco Board Of Directors Declares Special Dividend of $1.50 Per Share and Approves 20 Million Share Repurchase Program
COSTA MESA, Calif., Oct. 11, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco, Inc. (“El Pollo Loco” or “the Company”) (Nasdaq: LOCO), the nation’s leading fire-grilled
About this update from El Pollo Loco Holdings, Inc.
[{"type":"text","content":"COSTA MESA, Calif., Oct. 11, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco, Inc. (“El Pollo Loco” or “the Company”) (Nasdaq: LOCO), the nation’s leading fire-grilled chicken restaurant chain, today announced that the Board of Directors declared a special dividend of $1.50 per share on the common stock of the Company (“shares”). The special dividend is payable on November 9, 2022 to shareholders of record at the close of business on October 24, 2022. Additionally, the Board of Directors has approved a new share repurchase program with authorization to purchase up to $20,000,000 of shares. The share repurchase program is effective immediately. Michael Maselli, Chairman of the Company board of directors, commented, “This announcement underscores our Board’s confidence in our business and its dedication to stockholder value creation. Despite the challenges over the last couple of years we have continued to build our balance sheet and believe it is time to once again return capital to our shareholders reflecting our low leverage, asset light growth strategy and anticipated positive cash flow in the coming years. Based on these factors we are in a good position to declare this special dividend and initiate this buyback program.” Shares may be repurchased from time to time on the open market, in block trades, or in privately negotiated transactions. The amount and timing of any shares repurchased under the program will be determined at the discretion of management and will depend on a number of factors, including the market price of the company’s stock, trading volume, general market and economic conditions, legal requirements, and other factors. The repurchase program will terminate on March 28, 2024, may be suspended or discontinued at any time and does not obligate the Company to acquire any particular number of shares. About El Pollo LocoEl Pollo Loco (Nasdaq:LOCO) is the nation’s leading fire-grilled chicken restaurant chain renowned for its masterfully citrus-marinated, fire-grilled chicken and handcrafted entrees using fresh ingredients inspired by Mexican recipes. With over 480 company-owned and franchised restaurants in Arizona, California, Nevada, Texas, Utah and Louisiana, El Pollo Loco is expanding its presence in key markets through a combination of company and existing and new franchisee development. Visit us on our website at E...