Maui Land & Pineapple Co. Inc. topped the list of Biggest Percentage Price Decliners among common stocks on the New York Stock Exchange at midday.
Maui Land & Pineapple, Red Robin Gourmet Burgers: Biggest Price Decliners (MLP, RRGB) – WSJ.com
Pine processing begins in Haliimaile – Mauinews.com | News, Sports, Jobs, Visitor’s Information – The Maui News
Haliimaile Pineapple Co. employees work to process fresh pineapples Thursday at the company’s renovated Haliimaile plant. The company closed a former Maui Pineapple Co. processing plant in Kahului and moved to Haliimaile to centralize plantings and packing there, said Vice President Rudy Balala. He said the weather has been “nice but kind of dry,” but replanting is on schedule. Haliimaile Pineapple took over about 1,000 acres when Maui Pineapple shut down at the end of the year. The new company handles about 75 tons of fruit per day, but most of it stays in Hawaii, with about 20 percent sold to customers on the Mainland, Balala said.
ML&P’s ‘survive to thrive’ plan passes – The Maui News
Votes authorize smaller board, more sales of common stock
By HARRY EAGAR, Staff WriterAfter hearing about management’s plans to "survive to thrive" following a disastrous 2009, Maui Land & Pineapple Co.’s shareholders voted Thursday to accept two proposals designed to carry the company through its debt crisis.
The main vote, carried by 83 percent of the company’s shares and by 99 percent of the shares represented in person at Kapalua by owners or proxy holders, was to authorize 20 million shares of common stock.
This will be a rights offering, rather than an approach to the public market. Each shareholder would have a chance to buy new shares in the proportion that he or she owns of old shares.
Since there are 23 million shares outstanding, the offering is for almost, but not quite, one new share per old share.
And since Steve Case owns more shares than anybody, the offering’s success will depend upon his willingness to put new money into the company.
President Ryan Churchill said after the meeting that he couldn’t comment about whether Case had indicated he would be willing to put more tens of millions into the company.
ML&P plan to raise money, pay down debt – The Maui News
Company seeking approval to nearly double common stocks
By GREG WILES, The Honolulu Advertiser
Maui Land & Pineapple Co. is seeking shareholder approval to almost double the amount of its authorized common stock as it contemplates financing alternatives to pay down debt and raise money.
The company is proposing increasing the authorized shares to 43 million from the current 23 million, according to proxy material filed with the U.S. Securities and Exchange Commission.
The proposed increase comes after the company reported losses totaling $202.7 million during the past two years and the exit from the pineapple business on which it was built.
Maui Land had previously noted that it might have to sell shares as it looked to generate additional cash, use stock in compensation plans and make acquisitions.
"Our cash outlook for the next 12 months and ability to continue to meet our financial covenants under our credit facilities is highly dependent on generating additional capital, including the sale of equity," said the filing.
The filing said the company has no definite plans for the shares should they be authorized, but that it may need to sell shares in excess of its current authorized number.
This would be needed to facilitate meeting obligations as well as its ability to redeem $40 million of convertible notes that become redeemable in July 2011.
Maui Land’s annual shareholders meeting is scheduled for 8:30 a.m. May 13 at the Kapalua Village Center in West Maui.
Maui Land & Pineapple, China Grentech: Biggest Price Decliners (MLP, GRRF) – WSJ.com
By MARKET DATA STAFF
Maui Land & Pineapple Co. Inc. topped the list of Biggest Percentage Price Decliners among common stocks on the New York Stock Exchange at the close. See the full list .
China Grentech Corp. Ltd. topped the list of Biggest Percentage Price Decliners among common stocks on the Nasdaq Stock Market. See the full list .
Maui Land & Pineapple, China Grentech: Biggest Price Decliners (MLP, GRRF) – WSJ.com
Case will chair Exclusive Resorts board – Pacific Business News
Exclusive Resorts announced Tuesday that AOL co-founder Steve Case has become chairman of its board of directors.
Case also will lead a $20 million round of new equity financing for the luxury destination club.
Case, who has served on Exclusive Resorts’ board since investing in the company in 2003, acquired majority ownership in 2004.
Exclusive Resorts has more than 3,000 members and a real estate portfolio valued at more than $1 billion. The Denver-based club was founded in 2002.
Case grew up in Honolulu and graduated from Punahou School. He is the majority shareholder of Maui Land & Pineapple Co. (NYSE: MLP) and serves on its board of directors.
Case also owns Grove Farm, one of Kauai’s largest private landowners, and is chairman and CEO of Revolution, a market investment firm.
Case will chair Exclusive Resorts board – Pacific Business News (Honolulu):