Maui Land & Pineapple Company, Inc. Announces Intent To Complete $40 Million Rights Offering And Repurchase Senior Secured Convertible Notes
Maui Land & Pineapple Company, Inc. (NYSE:MLP) intends to pursue a rights offering for up to $40 million of its common stock. The record date for the rights offering is July 7, 2010.
The Company intends to utilize the proceeds from the rights offering to repurchase up to all of its outstanding senior secured convertible notes, which we refer to as the Notes. The aggregate principal amount outstanding under the Notes is $40 million. As of June 24, 2010, the Company has entered into agreements to purchase at least $27.5 million of the Notes upon successful completion of the rights offering. The Company may enter into repurchase agreements on the same terms with other holders of Notes prior to completion of the rights offering.
Upon commencement of the rights offering, shareholders will receive one non-transferable subscription right for each share of common stock owned as of the close of business on July 7, 2010. Each subscription right will entitle the shareholder to purchase a specified number of shares of common stock, which will be determined based upon the total number of outstanding shares of common stock on the record date and the subscription price of the shares. Shareholders who fully exercise all of their initial subscription rights will be entitled to purchase any unsubscribed shares at the same subscription price per share, on a pro rata basis.
A registration statement on Form S-1 relating to the subscription rights has been filed with the United States Securities and Exchange Commission, which we refer to as the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The rights offering will be made only by means of a prospectus.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV