(NYSE:MLP) Maui Land & Pineapple Company, Inc. belonging to Real Estate Development industry is currently trading at a price of $4.98, a dramatic change of 9.69% from its previous day’s close. MLP is currently trading at a volume of 55377 shares compared to its daily average volume of 16.79K shares. The stock is trading with a gain of 10.67% from its open . Maui Land & Pineapple Company, Inc. has done quite well being up more than 19.14% since the beginning of the week and has a market capital of approximately 93.42M. Maui Land & Pineapple Company, Inc. engages in the resort and community development businesses. The companys Community Development segment provides real estate entitlement, development, construction, sales, leasing, real estate brokerage, and water and sewage transmission services. It leases commercial and residential properties; and provides license and lease arrangements for the use of buildings, facilities, land, and trade names. Maui Land & Pineapple Companys Resort segment operates 2 championship golf courses, a tennis facility, a spa, retail outlets, a hotel, residences and clubs, a bay, 8 residential neighborhoods, a commercial space, and restaurants, as well as approximately 700 single-family residential lots, condominiums, and homes. The company was founded in 1909 and is based in Maui, Hawaii
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.
LAHAINA, Hawaii–(BUSINESS WIRE)–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.