CORAL
GABLES, Fla., Feb. 2, 2024
/CNW/ - Sucro Limited (TSXV: SUG) ("Sucro" or the
"Company"), an integrated sugar company focused primarily on
serving the North American market, today announced that subject to
regulatory approval, its Board of Directors has awarded 78,995
restricted share units ("RSUs") to directors, officers and
employees of the Company and its subsidiaries under the Company's
Omnibus Equity Incentive Plan.
Of the RSUs awarded, 78,159 have been awarded in connection with
the cancellation of 128,3911 equity appreciation rights
("EARs") previously awarded under the Equity Participation Plan of
subsidiary Sucro Holdings, LLC (the "EAR Plan"). Under the EAR
Plan, as amended, holders of EARs are entitled to a cash payment
from Sucro Holdings on a sale of Sucro calculated as the difference
between the sale price (net of transaction costs) and the specified
base valuation indicated in the applicable EAR award, if any, and
on the basis of each EAR representing one Subordinate Voting Share
of Sucro. The purpose of these RSU awards is to transition
equity-based compensation away from the former privately held Sucro
Holdings to the new Omnibus Equity Incentive Plan of Sucro
following the completion of its initial public offering on
October 30, 2023. No further awards
of EARs will be made under the EAR Plan and 227,6851
EARs remain outstanding following these cancellations.
Each RSU represents the right to receive one Subordinate Voting
Share of the Company on settlement. The RSUs awarded will vest over
a period of a minimum of one year and a maximum of two years.
About Sucro
Sucro is a growth-oriented sugar company that operates
throughout the Americas, with a primary focus on serving the North
American sugar market. The Company operates a highly integrated and
interconnected sugar supply business, utilizing the entire sugar
supply chain to service its customers. Sucro's integrated supply
chain includes sourcing raw and refined sugar from countries
throughout Latin America, and
refined sugar from its own refineries, and delivering to customers
in North America and the
Caribbean. Since its inception in
2014, Sucro has achieved significant growth by creating value for
customers through continuous process innovation and supply chain
re-engineering. Sucro has established a broad production, sales and
sourcing network throughout North
America with two cane sugar refineries and an additional
value-added processing facility. The Company has offices in
Miami, Mexico City, Sao
Paulo, Guayaquil and
Port of Spain. For more
information, visit sucro.us and follow us on
LinkedIn.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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1 Number of
Subordinate Voting Shares the EARs would represent on a sale
of Sucro after adjustment to reflect the 3 for 1 exchange ratio in
the reorganization of the Company completed on October 2,
2023.
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SOURCE Sucro Limited
