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PriceSmart names Beatriz Infante as new board director at annual meeting 2018 and half yearly dividend of USD0.70 per share.

M2 EQUITYBITES-January 26, 2018-PriceSmart names Beatriz Infante as new board director at annual meeting 2018 and half yearly dividend of USD0.70 per share

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PriceSmart Inc (NASDAQ:PSMT) on Thursday disclosed that Beatriz Infante was elected as a new member to board of directors at the 2018 annual meeting of stockholders held on 24 January 2018 in San Diego.

Infante is chief executive officer of BusinessExcelleration LLC and an adviser and investor in many early stage technology companies. Also, she is currently a member of the board of directors of Liquidity Services Inc, a director of Ribbon Communications and serves on the Advisory Committee to the Princeton University School of Engineering and Applied Science.

At the annual meeting of stockholders held on Thursday (25 January 2018), 11 nominees were elected to the company's board, each for a term that ends at the next annual meeting of stockholders, or until the director resigns or a successor is elected or appointed. These directors were Sherry S Bahrambeygui, Gonzalo Barrutieta, Gordon Hanson, Beatriz Infante, Leon Janks, Jose Luis Laparte, Mitchell Lynn, Gary Malino, Pierre Mignault, Robert Price and Edgar Zurcher.

In addition, at the annual meeting, stockholders approved on an advisory basis the compensation of the company's executive officers for fiscal year 2017 and ratified the selection of Ernst & Young LLP as its independent registered public accounting firm for the fiscal year ending 31 August 2018. In addition, they approved the holding an advisory vote on executive compensation every year. A final report on voting results will be filed with US Securities and Exchange Commission within four business days following the date of the annual meeting of stockholders.

Finally, the board authorised a cash dividend of USD0.70 per share total that will be paid as monthly dividends of USD0.35 per share on 28 February 2018 to stockholders of record as of close of business on 14 February 2018 and on 31 August 2018 to stockholders of record as of the close of business on 15 August 2018.

PriceSmart owns and operates US style membership shopping warehouse clubs in Latin America and the Caribbean, selling quality merchandise at low prices to its members. It is headquartered in San Diego, California, USA. It now operates 40 warehouse clubs in 12 countries and one US territory.

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Publication:M2 EquityBites (EQB)
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Date:Jan 26, 2018
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