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.
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.
SOURCE Sucro Limited