Maui Land & Pineapple Company, Inc. (NYSE:MLP) today announced the subscription price for its previously announced $40 million rights offering of common stock to its shareholders. The subscription price per share is $3.85.
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, which is the record date for the rights offering. Each subscription right will entitle the shareholder to purchase approximately 1.23 shares of common stock, at a subscription price of $3.85 per share. 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 copy of the prospectus and additional materials relating to the rights offering are expected to be mailed on or about July 9, 2010 to shareholders as of the record date. Shareholders may also obtain a copy of the prospectus and additional materials by contacting Maui Land & Pineapple Company, 870 Haliimaile Road, Makawao, Hawaii 96768, Attn: Corporate Secretary, via telephone at (808) 877-3895 or via email at email@example.com.
About Maui Land & Pineapple Company, Inc.Maui Land & Pineapple Company, Inc., organized in 1909, is a landholding, real estate development and asset management company headquartered in Maui, Hawaii. The company owns approximately 24,000 acres of land on Maui, including its principal development, the Kapalua Resort, a 1,650 acre master-planned, luxury destination resort community. Forward-Looking Statements Some of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future events and expectations and are not guarantees of performance or results. Forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. Our actual performance and results may differ significantly from those we discuss in these forward-looking statements. For specific factors, risks and uncertainties that could cause our actual performance and results to differ materially from the assumptions and projections contained in these forward-looking statements, please read our Registration Statement on Form S-1, filed with the SEC on June 22, 2010, and our other filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law or the rules of the New York Stock Exchange, we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement.