RRGB » Topics » 10. Subsequent Events

This excerpt taken from the RRGB 10-Q filed Aug 17, 2007.

10.                Subsequent Events

On July 16, 2007, the Company acquired the assets of one of the remaining two existing franchised restaurants owned by Top Robin Ventures, Inc. and acquired and opened a new restaurant that had been under construction in Fresno, California. These restaurants were part of the acquisition of certain franchised Red Robin restaurants in the State of California, discussed in Note 2 above. The existing restaurant had been operated by the Company since the original closing on June 18, 2007 under a management services agreement. The Company paid consideration for the existing restaurant of $3.3 million. The consideration paid for the new restaurant was approximately $1.3 million, which was comprised of reimbursement for construction and related costs, including costs of opening the restaurant.  The purchase price was paid in cash.  The last additional restaurant continues to be operated by the Company under a management services agreement.

On August 8, 2007, the Company’s Board of Directors authorized a plan for the Company to repurchase up to $50 million worth of its common stock. This repurchase plan does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time. No shares have been repurchased under the plan.

 

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