CORAL GABLES, Fla., May 30, 2024 /CNW/ - Sucro Limited (TSXV: SUG) ("Sucro" or the "Company"), an integrated sugar refiner focused primarily on serving North American sugar markets, announced today changes to its board of directors as a result of elections at its annual shareholders' meeting held today (the "Meeting") as well as the approval by shareholders of a stock purchase plan for employees of the Company and its subsidiaries.
The Company welcomes Mr. William Billings to its board of directors, who was elected at the Meeting subject to regulatory approval. Mr. Billings is a finance and accounting professional and currently serves as the Vice President, Finance of GlobalFoundries Inc., a leading semiconductor manufacturer listed on the NASDAQ. Will previously led global operations for Airbnb, Inc. and served as a global controller for World Fuel Services Corporation and General Electric Company. Will began his career in public accounting and currently serves as a member of the board of directors of Knightscope, Inc. (NASDAQ). Will holds a Bachelor of Science degree in Accounting from Southern University and a Master of Business Administration degree from Rice University.
Mrs. Francoise Duboc and Mr. Tony Cina did not stand for re-election at the Meeting and the board would like to thank them for their contributions during their terms as directors, and particularly their guidance and stewardship as the Company transitioned from a private company to a public company. Jonathan Taylor, Don Hill, Andrew Ferrier and Brian O'Malley were re-elected as directors at the Meeting.
Shareholders at the Meeting also approved a stock purchase plan for employees of the Company and its subsidiaries (the "Plan"). The Plan is designed to encourage employee share ownership and allows employees of the Company and its participating subsidiaries who have at least one year of service and customarily work a minimum number of hours per week to purchase Subordinate Voting Shares of the Company at a 15% discount to market through payroll deductions. Participants are limited to the purchase of a maximum of 2,500 Subordinate Voting Shares per offering period and the maximum number of Subordinate Voting Shares reserved for issuance under the Plan is 1,000,000, representing approximately 4.3% of the issued and outstanding Subordinate Voting Shares assuming conversion of all Proportionate Voting Shares of the Company, subject to annual adjustment to a maximum of 1,500,000 Subordinate Voting Shares. The Stock Purchase Plan is a separate security-based compensation arrangement from the Company's Omnibus Equity Incentive Plan and the number of Subordinate Voting Shares reserved for issuance under the Plan does not form part of the maximum number of Subordinate Voting Shares reserved for issuance under Omnibus Equity Incentive Plan. The Plan also includes limitations on insider participation. Full details of the Plan are contained in the Company's management information circular dated April 18, 2024 filed on SEDAR+ at www.sedarplus.ca.
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, Cali, Sao Paulo, and Port of Spain. For more information, visit sucro.us and follow us on LinkedIn.
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SOURCE Sucro Limited
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