Limoneira Company (NASDAQ: LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights in
California, today announced that it has priced a public offering of
1,800,000 shares of its common stock at a public offering price of
$18.50 per share, for total gross proceeds of approximately $33.3
million. The public offering is expected to close on February 20, 2013,
subject to customary closing conditions. Janney Montgomery Scott LLC is
acting as the lead book running manager for this offering. Roth Capital
Partners, LLC is acting as co-lead manager of this offering. Feltl and
Company Inc. is acting as co-manager of this offering. In addition, the
Company has granted the underwriters a 30-day option to purchase up to
an additional 270,000 shares of common stock to cover over-allotments,
if any.
The Company intends to use the net proceeds from this offering for
general corporate purposes, which may include repayment of debt, real
estate development and agricultural acquisitions.
This press release does not constitute an offer to sell any securities
of the Company or a solicitation of an offer to buy such securities, nor
shall there be any sale of such securities in any state or other
jurisdiction where such offer and sale is not permitted.
The common stock is being offered by the Company pursuant to a shelf
registration statement, which was previously filed with and declared
effective by the Securities and Exchange Commission. The offering may be
made only by means of a prospectus supplement and an accompanying
prospectus, copies of which may be obtained from Janney Montgomery Scott
LLC, Attention: Equity Capital Markets Group, 60 State St., 35th
Floor, Boston, MA 02109, or by email at prospectus@janney.com.
About Limoneira Company
Limoneira Company, a 119-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra), is a dedicated sustainability company with approximately 8,200
acres of rich agricultural lands, real estate properties and water
rights in California. The Company is a leading producer of lemons,
avocados, oranges, specialty citrus and other crops that are enjoyed
throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains 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. These
forward-looking statements are based on Limoneira's current expectations
about future events and can be identified by terms such as "expect,"
"may," "anticipate," "intend," "should be," "will be," "is likely to,"
"strive to," and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking
statements are reasonable but cannot guarantee future results, level of
activity, performance or achievements. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Therefore, Limoneira cautions you against relying on
any of these forward-looking statements. Factors which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to: changes in laws,
regulations, rules, quotas, tariffs and import laws; weather conditions
that affect production, transportation, storage, import and export of
fresh product; increased pressure from crop disease, insects and other
pests; disruption of water supplies or changes in water allocations;
pricing and supply of raw materials and products; market responses to
industry volume pressures; pricing and supply of energy; changes in
interest and currency exchange rates; availability of financing for land
development activities; general economic conditions for residential and
commercial real estate development; political changes and economic
crises; international conflict; acts of terrorism; labor disruptions,
strikes or work stoppages; loss of important intellectual property
rights; inability to pay debt obligations; inability to engage in
certain transactions due to restrictive covenants in debt instruments;
government restrictions on land use; and market and pricing risks due to
concentrated ownership of stock. Other risks and uncertainties
include those that are described in Limoneira's SEC filings, which are
available on the SEC's website at http://www.sec.gov.
Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
