Shares of Maui Land & Pineapple Co Inc (NYSE: MLP) closed above its 200-day moving average on Friday. The stock has a 200-day moving average of $4.50 and last traded at $4.95.
Maui Land & Pineapple Company, Inc. consists of a landholding and operating parent company and its principal subsidiaries, including Maui Pineapple Company, Ltd. (MPC) and Kapalua Land Company, Ltd. As of March 29, 2010, the Company operated in two segments: Community Development and Resort. Revenues from its two segments, Community Development segment and Resort segment accounted for approximately 39% and 59% of its consolidated revenues respectively during the year ended December 31, 2009. On November 2, 2009, the Company ceased its agriculture operations.
Maui Land & Pineapple Co Inc (NYSE: MLP) traded up 10.13% during mid-day trading on Friday. The stock has a 52 week low of $2.05 and a 52 week high of $8.20. The company has a market cap of $93.8 million and a price-to-earnings ratio of N/A.
Form 8-K for MAUI LAND & PINEAPPLE CO INC27-Jul-2010
Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement
Maui Land & Pineapple Company, Inc. (the “Company”) issued senior secured convertible notes in the aggregate principal amount of $40 million in July 2008 (the “Notes”). The Notes mature on July 15, 2013, bear interest at 5.875% per annum and are currently convertible into common stock of the Company at a conversion price of $30 per share.
As previously announced, the Company entered into Convertible Note Purchase Agreements, pursuant to which the Company has agreed to repurchase the Notes, with holders of Notes who hold, in the aggregate, $32.5 million of the principal amount of the Notes, or approximately 81% of all of the Notes currently outstanding.
On July 22, 2010, the Company entered into Convertible Note Purchase Agreements with the holders of the remaining outstanding Notes on the same terms. In total, the Company has entered into Convertible Note Purchase Agreements with the holders of Notes who hold, in the aggregate, 100% of all of the Notes currently outstanding.
Form 8-K for MAUI LAND & PINEAPPLE CO INC
Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders
On May 13, 2010, Maui Land & Pineapple Company, Inc. (the "Company") held its 2010 annual meeting of shareholders, or the Annual Meeting. Proxies for the Annual Meeting were solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934. The number of shares of the Company’s common stock, or the Common Stock that were outstanding as of March 12, 2010, which was the record date for the Annual Meeting, was approximately 8,518,033. The final results of the voting at the Annual Meeting are as follows:
Proposal 1: To amend the Company’s Restated Articles of Association to change the number of members of the Board of Directors to not less than five (5) nor more than nine (9), and to declassify the Board of Directors.Shares voted for: 7,535,426 Shares voted against: 43,656 Shares abstained: 17,685 Broker Non-Votes: 0
Proposal 2: Election of Directors to serve for a one-year term or until their successors are elected and qualified if Proposal No. 1 is approved:Shares Voted Shares Broker For Withheld Non-Votes Stephen M. Case 5,972,951 60,694 1,563,122 Warren H. Haruki 5,971,766 61,879 1,563,122 David A. Heenan 5,575,123 458,522 1,563,122 Kent T. Lucien 5,971,401 62,244 1,563,122 Duncan MacNaughton 5,972,571 66,154 1,563,122 Arthur C. Tokin 5,972,571 61,074 1,563,122 Fred E. Trotter III 5,967,637 66,008 1,563,122
Proposal 3: Election of Directors to serve for a three-year term or until their successors are elected and qualified if Proposal No. 1 is not approved:Shares Voted Shares Broker For Withheld Non-Votes David A. Heenan 5,701,813 331,832 1,563,122 Kent T. Lucien 5,970,251 63,394 1,563,122 Arthur C. Tokin 5,966,446 67,199 1,563,122
Proposal 4: To amend the Company’s Restated Articles of Association to authorize an additional 20,000,000 shares of the Common Stock:Shares voted for: 7,139,064 Shares voted against: 416,117 Shares abstained: 41,586 Broker Non-Votes: 0
Proposal 5: Ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2010:Shares voted for: 7,543,956 Shares voted against: 47,624 Shares abstained: 5,187 Broker Non-Vote: 0
Form 8-K for MAUI LAND & PINEAPPLE CO INC
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
(e) On April 12, 2010, the Compensation Committee of the Board of Directors of Maui Land & Pineapple Company, Inc. (the "Company") approved an annual salary increase to $225,000 for Ryan L. Churchill. The compensation adjustment was made in recognition of Mr. Churchill’s February 8, 2010 appointment as the Company’s President and Chief Operating Officer.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
Name and Address of Reporting Person: Haruki Warren H
Issuer Name and Ticker or Trading Symbol: MAUI LAND & PINEAPPLE CO INC [MLP]
Relationship of Reporting Person(s) to Issuer:
_X__ Director__X__ Officer (give title below)
Chairman & Interim CEO
Title of Security: Common Stock
Transaction Date: 04/05/2010
Amount of Securities Beneficially Owned Following Reported Transaction(s): 76,360