Soho House & Co Inc. Announcement
31 Maio 2024 - 8:30AM
Business Wire
Soho House & Co Inc. (NYSE: SHCO) (“Company”) today issued
the following statement.
As previously announced, the Board of Directors of the Company
established an independent Special Committee of the Board (the
“Special Committee”) in the fall of 2023 to evaluate certain
strategic transactions, which included potentially becoming a
private company. This was instigated because the Company received
interest from a party that conditioned a proposal on certain Class
B holders rolling over their equity interests in the Company as
part of a transaction.
The offer received from the party was at a value that reflected
a substantial premium over the current trading price. After
thorough review by the Special Committee and its independent
advisors, the Special Committee concluded that the offer did not
adequately reflect the value of the Company and was not in the best
interests of its public stockholders. Consequently the Special
Committee has requested that the Board dissolve the Special
Committee, which it has done. The Board has the ability to
establish such a committee in the future.
The Company also announces today its intention to hold an
Investor Day later this year at which it intends to update
investors on its long-term growth plans.
As a reminder, in February 2024 the Board approved a new $50
million share repurchase authorization.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this release that do not relate
to matters of historical fact should be considered forward-looking
statements, including, without limitation, statements regarding our
expected financial performance and operational performance for the
foreseeable future including the remainder of 2024, as well as
statements that include the words “expect,” “intend,” “plan,”
“believe,” “project,” “forecast,” “estimate,” “may,” “should,”
“anticipate” and similar statements of a future or forward-looking
nature. These forward-looking statements are based on management’s
current expectations. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including important factors discussed
under the caption “Risk Factors” in our annual report on form 10-K
for the fiscal year ended December 31, 2023 and as such factors may
be updated from time to time in our other filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov. In
addition, we operate in rapidly changing environment. New risks
emerge from time to time. It is not possible for our management to
predict all risks, nor can we assess the impact of all factors on
its business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements that we may make. In
light of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this release
are inherently uncertain and may not occur, and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements. Accordingly, you should
not rely upon forward-looking statements as predictions of future
events. In addition, the forward-looking statements made in this
release relate only to events or information as of the date on
which the statements are made in this release. Except as required
by law, we undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
About Soho House & Co:
Soho House & Co (SHCO) is a global membership platform of
physical and digital spaces that connects a vibrant, diverse and
global group of members. These members use the Soho House & Co
platform to work, socialize, connect, create and flourish all over
the world. We began with the opening of the first Soho House in
1995 and remain the only company to have scaled a private
membership network with a global presence. Members around the world
engage with Soho House & Co through our global collection, as
at March 31, 2024, of 43 Soho Houses, 9 Soho Works, Scorpios Beach
Club in Mykonos, Soho Home – our interiors and lifestyle retail
brand – and our digital channels. The Ned in London, New York and
Doha, The LINE and Saguaro hotels in North America also form part
of Soho House & Co's wider portfolio.
For more information, please visit www.sohohouseco.com Source:
Soho House & Co (SHCO)
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