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.