Limoneira announces $ 10 million share buyback program


SANTA PAULA, Calif .– (COMMERCIAL THREAD) – Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packaging, sales and marketing company with related agribusiness activities and development investments Real Estate, today announced that the Company’s Board of Directors has authorized the repurchase of up to $ 10.0 million of the Company’s issued and outstanding common shares.

Harold Edwards, President and CEO of the Company, said: “The Board’s decision to authorize this share buyback program is a clear indication that they, along with our management team, believe Limoneira is positioned for continued long-term growth through our two strategic assets and our consistent global supply of fresh fruit. Our company remains committed to the disciplined and opportunistic deployment of capital to maximize value for our shareholders. ”

Under the approved authorization, the Company may purchase ordinary shares until September 2022 using one or more open market transactions, structured transactions through investment banking institutions, as part of transactions negotiated privately or otherwise, through direct purchases of common stock or a combination of the foregoing in accordance with applicable rules and regulations of the Securities and Exchange Commission.

The timing of purchases and the amount of shares repurchased are subject to the discretion of the Company and will depend on market and business conditions, applicable legal and credit requirements and other business considerations, including the historical strategy of the Company. the Company consisting in pursuing profitable acquisitions and reducing indebtedness.

About the company Limoneira

Limoneira Company, a 128-year-old international agro-industry based in Santa Paula, California, has grown into one of the world’s first integrated agro-industries. Limoneira (lē moñ âra) is a sustainable development company with 15,400 acres of rich farmland, real estate and water rights in California, Arizona, Chile and Argentina. The company is a leading producer of lemons, avocados, oranges, specialty citrus fruits and other crops valued around the world. To learn 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 regarding future events and may be identified by words such as “expect”, “may”, “anticipate”, “intend”, “should be” , “Will”, “is likely to”, “endeavor to” and similar expressions referring to future periods.

Limoneira believes that the expectations reflected in 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 forward-looking statements. Therefore, Limoneira cautions you not to rely on any of these forward-looking statements. Factors that could cause future results to differ materially from those anticipated in forward-looking statements include, but are not limited to: additional impacts of the current COVID-19 pandemic, changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect the production, transportation, storage, import and export of fresh produce; increased pressure from crop diseases, insects and other pests; interruption of water supply or modification of water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest rates and exchange rates; availability of funding for land use planning activities; political changes and economic crises; international conflict; acts of terrorism; work interruptions, strikes or work stoppages; the loss of important intellectual property rights; inability to pay debts; the inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and price risks due to concentration of ownership of shares. Other risks and uncertainties include those described in Limoneira’s SEC documents which are available on the SEC’s website at http://www.sec.gov. Limoneira assumes no obligation to update or subsequently revise any forward-looking statements made in this press release, except as required by law.

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