TravelCenters of America LLC (Nasdaq: TA) today announced the results of
its 2019 Annual Meeting of Shareholders, which was held earlier today,
Lisa Harris Jones was re-elected as an Independent Director in Group
III. The final tabulation of the percentage of shareholders’ votes cast
for this Independent Director is as follows:
Percentage of Shares Voted For
|Lisa Harris Jones||67.2%|
Shareholders ratified the appointment of RSM US LLP as TA’s independent
registered public accounting firm to serve for the 2019 fiscal year.
Percentage of Shares Voted For
|Ratification of Independent Auditors||94.4%|
T A also announced that its Board of Directors unanimously approved a
plan to convert from a Delaware limited liability company, or LLC, to a
Maryland corporation. This conversion requires certain regulatory
approvals and TA expects to complete the conversion before the end of
Andy Rebholz, Chief Executive Officer and Managing Director of TA, made
the following statement:
“Today we announce TA’s intent to convert from an LLC to a corporation.
The TA Board of Directors believes this conversion will make it easier
for a broader group of investors to own TA stock, including by enabling
possible index eligibility for TA.”
About TravelCenters of America LLC:
TA’s nationwide business includes travel centers located in 43 U.S.
states and in Canada and standalone restaurants in 14 states. TA’s
travel centers operate under the “TravelCenters of America,” “TA,” “TA
Express,” “Petro Stopping Centers” and “Petro” brand names and offer
diesel and gasoline fueling, restaurants, truck repair services,
travel/convenience stores and other services designed to provide
attractive and efficient travel experiences to professional drivers and
other motorists. TA’s standalone restaurants operate principally under
the “Quaker Steak & Lube” brand name.
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and other securities laws. Whenever TA uses words
such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“will,” “may” and negatives or derivatives of these or similar
expressions, TA is making forward-looking statements. These
forward-looking statements are based upon TA’s present intent, beliefs
or expectations, but forward-looking statements are not guaranteed to
occur and may not occur. Actual results may differ materially from those
contained in or implied by TA’s forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, some of which are beyond TA’s control.
Among others, the forward-looking statements which appear in this press
release that may not occur include:
Mr. Rebholz states that TA’s conversion from an LLC to a corporation
will make it easier for a broader group of investors to own TA stock,
including by enabling possible index eligibility for TA. In fact,
there are many factors that are considered for index inclusion and
TA’s conversion may not result in its stock being index eligible or
included in an index and a broader group of investors may not be able
to, or may elect not to, own TA stock.
Mr. Rebholz states that it is expected that the conversion to a
corporation will take place before the end of 2019. The process of
converting requires certain regulatory approvals and therefore is not
completely in TA’s control and the conversion may be delayed, or, may
not be able to be completed.
The information contained in TA’s periodic reports, including TA’s
Annual Report on Form 10-K for the year ended December 31, 2018, and
TA’s Quarterly Report on Form 10-Q for the period ended March 31, 2019,
which have been filed with the U.S. Securities and Exchange Commission,
or SEC, under the caption “Risk Factors,” or elsewhere in those reports,
or incorporated therein, identifies other important factors that could
cause differences from TA’s forward-looking statements. TA’s filings
with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, TA does not intend to update or change any
forward-looking statement as a result of new information, future events