Americana shareholders OK 25M shares buyback for LTIP

Shareholders of Americana Restaurants International PLC approved in its ordinary general meeting (OGM), on April 24, the buyback of 25 million shares, which will be allocated to the employees’ stock long-term incentive plan (LTIP).

The buyback is subject to obtaining any regulatory approvals, the company said in a statement to Tadawul.

The OGM further approved authorizing the board of directors to and any person, jointly and individually, to complete the repurchase processes, implement the long-term employee incentive program, and determine its conditions.

The board and/or any person authorized, jointly and individually, are mandated to negotiate, conclude and sign any agreement, document and to take any decision or action, to implement any of the abovementioned decisions. They are also required to submit the necessary documents to the relevant financial markets and competent regulatory authorities.