El Pollo Loco adopts limited-duration rights plan after Biglari Capital accumulates 12% stake

El Pollo Loco Holdings, Inc.

Biglari Capital went from 9.1% (July 28) to 11.3% (Aug 8); plan targets 12.5% trigger.
Rights plan expires Aug 7, 2024; Board may terminate earlier if warranted.
If triggered, non-triggering holders can buy common shares at 50% discount or exchange each right for one share.
Before a person triggers, Board can redeem all rights at $0.001 per right.
Biglari Capital may retain current shares but cannot add more without diluting all other holders.

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