RCI Hospitality Holdings Inc (RICK)

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Rick’s Cabaret International Renegotiates Terms of Final Put Options
Date : 05/12/2009 @ 9:00AM
Source : Business Wire
Stock : Rick’s Cabaret International, Inc. (RICK)
Quote : 6.76 -0.1 (-1.46%) @ 7:57PM


Rick’s Cabaret International Renegotiates Terms of Final Put Options





Rick’s Cabaret International, Inc., the premier operator of upscale gentlemen’s clubs, has renegotiated the terms of put options granted in the acquisition of a nightclub in Dallas, Texas. The new terms are the final pieces in a program under which the company has extended payment terms related to several of its recent acquisitions.


Under the renegotiated terms of a Lock-Up/Leak-Out agreement the sellers of The Executive Club will now have the right to put a maximum of 3,000 shares per month to Rick’s Cabaret for 12 months at $25 per share, rather than the original maximum of 5,000 per month.


The renegotiation of terms for the Dallas club defers $600,000 of potential put payments into future years.