Limoneira Board Approves $30 Million Share Repurchase Authorization
Limoneira (Nasdaq: LMNR) has announced a $30 million share repurchase authorization for its outstanding common stock. The company has also formally concluded its strategic alternatives exploration process that was announced on December 1, 2023.
The company remains committed to its comprehensive value creation roadmap, which includes:
- Divesting non-core assets
- Advancing real estate development initiatives at Harvest
- Pursuing land use conversion opportunities
- Monetizing water resources
- Expanding its position as a major U.S. avocado grower
- Enhancing its citrus services business
The share repurchase program can be executed through open market or private transactions and may be modified, suspended, or discontinued at any time. The timing and extent of repurchases will depend on market conditions, regulatory requirements, and other corporate considerations.
Limoneira (Nasdaq: LMNR) ha annunciato un'autorizzazione per il riacquisto di azioni da 30 milioni di dollari per le sue azioni ordinarie in circolazione. L'azienda ha anche formalmente concluso il processo di esplorazione delle alternative strategiche annunciato il 1° dicembre 2023.
L'azienda rimane impegnata nella sua ampia roadmap per la creazione di valore, che include:
- Disinvestire asset non core
- Avanzare iniziative di sviluppo immobiliare presso Harvest
- Perseguire opportunità di conversione dell'uso del suolo
- Monetizzare le risorse idriche
- Espandere la sua posizione come principale produttore di avocado negli Stati Uniti
- Migliorare la sua attività di servizi agrumari
Il programma di riacquisto delle azioni può essere eseguito attraverso transazioni nel mercato aperto o private e può essere modificato, sospeso o interrotto in qualsiasi momento. Il momento e l'estensione dei riacquisti dipenderanno dalle condizioni di mercato, dai requisiti normativi e da altre considerazioni aziendali.
Limoneira (Nasdaq: LMNR) ha anunciado una autorización de recompra de acciones de 30 millones de dólares para sus acciones ordinarias en circulación. La empresa también ha concluido formalmente su proceso de exploración de alternativas estratégicas que fue anunciado el 1 de diciembre de 2023.
La empresa sigue comprometida con su amplia hoja de ruta para la creación de valor, que incluye:
- Desinvertir activos no esenciales
- Avanzar en iniciativas de desarrollo inmobiliario en Harvest
- Buscar oportunidades de conversión de uso de suelo
- Monetizar recursos hídricos
- Expandir su posición como principal productor de aguacate en EE. UU.
- Mejorar su negocio de servicios cítricos
El programa de recompra de acciones puede ejecutarse a través de transacciones en el mercado abierto o privadas y puede ser modificado, suspendido o cancelado en cualquier momento. El momento y la extensión de las recompras dependerán de las condiciones del mercado, los requisitos regulatorios y otras consideraciones corporativas.
Limoneira (Nasdaq: LMNR)는 자사 보통주에 대해 3천만 달러 규모의 자사주 매입 승인을 발표했습니다. 이 회사는 또한 2023년 12월 1일에 발표된 전략적 대안 탐색 프로세스를 공식적으로 종료했습니다.
회사는 다음을 포함한 포괄적인 가치 창출 로드맵에 전념하고 있습니다:
- 비핵심 자산 매각
- Harvest에서 부동산 개발 이니셔티브 추진
- 토지 사용 전환 기회 추구
- 수자원 수익화
- 미국의 주요 아보카도 재배업체로서의 입지 확대
- 감귤 서비스 사업 강화
자사주 매입 프로그램은 공개 시장 또는 사적 거래를 통해 실행될 수 있으며, 언제든지 수정, 중단 또는 종료될 수 있습니다. 매입의 시기와 범위는 시장 조건, 규제 요구 사항 및 기타 기업 고려 사항에 따라 달라질 것입니다.
Limoneira (Nasdaq: LMNR) a annoncé une autorisation de rachat d'actions de 30 millions de dollars pour ses actions ordinaires en circulation. L'entreprise a également officiellement conclu son processus d'exploration des alternatives stratégiques annoncé le 1er décembre 2023.
L'entreprise reste engagée dans sa feuille de route complète pour la création de valeur, qui comprend :
- La cession d'actifs non stratégiques
- Le développement d'initiatives immobilières à Harvest
- La recherche d'opportunités de conversion de l'utilisation des terres
- La monétisation des ressources en eau
- L'expansion de sa position en tant que principal producteur d'avocats aux États-Unis
- L'amélioration de son activité de services d'agrumes
Le programme de rachat d'actions peut être exécuté par le biais de transactions sur le marché ouvert ou privées et peut être modifié, suspendu ou interrompu à tout moment. Le moment et l'étendue des rachats dépendront des conditions du marché, des exigences réglementaires et d'autres considérations d'entreprise.
Limoneira (Nasdaq: LMNR) hat eine Genehmigung zum Rückkauf von Aktien im Wert von 30 Millionen Dollar für ihre ausstehenden Stammaktien bekannt gegeben. Das Unternehmen hat außerdem den Prozess zur Erkundung strategischer Alternativen, der am 1. Dezember 2023 angekündigt wurde, offiziell abgeschlossen.
Das Unternehmen bleibt seiner umfassenden Roadmap zur Wertschöpfung verpflichtet, die Folgendes umfasst:
- Verkauf von Nicht-Kernvermögen
- Vorantreiben von Immobilienentwicklungsinitiativen in Harvest
- Verfolgung von Möglichkeiten zur Umwandlung der Flächennutzung
- Monetarisierung von Wasserressourcen
- Erweiterung seiner Position als bedeutender Avocado-Anbauer in den USA
- Verbesserung seines Zitrusdienstgeschäfts
Das Rückkaufprogramm kann über den offenen Markt oder private Transaktionen durchgeführt werden und kann jederzeit geändert, ausgesetzt oder eingestellt werden. Der Zeitpunkt und das Ausmaß der Rückkäufe hängen von den Marktbedingungen, den regulatorischen Anforderungen und anderen Unternehmensüberlegungen ab.
- $30 million share repurchase authorization indicates strong financial position
- Management believes current share price undervalues company's assets
- Multiple revenue streams through diversified operations (citrus, avocados, real estate, water resources)
- Strategic focus on monetizing non-core assets and water resources
- Strategic alternatives exploration process concluded without resulting in a sale or merger
- Share repurchase program may limit capital available for operational growth
Insights
Limoneira's announcement of a
The share repurchase authorization sends a strong signal to the market about management's confidence in Limoneira's intrinsic value. CEO Harold Edwards explicitly stated the board believes the current share price "significantly undervalues Limoneira's substantial portfolio of opportunities" - language that typically indicates management sees material upside potential.
What makes this particularly compelling is Limoneira's asset-rich business model that combines agricultural operations with substantial real estate holdings and water rights. The company's multi-pronged value creation strategy includes:
- Monetization of non-core assets
- Real estate development at Harvest
- Land use conversion opportunities
- Water resource monetization (increasingly valuable amid Western drought conditions)
- Expansion of avocado operations
- Enhancement of citrus services business
While some investors may have anticipated a more dramatic outcome from the strategic review process, the substantial buyback creates a floor for the share price while the company executes its operational strategy. The repurchase authorization represents an efficient use of capital if management truly believes their assets are undervalued.
Importantly, the company maintains flexibility in its capital allocation approach. The announcement notes the repurchase program "may be modified, suspended or discontinued" and will depend on market conditions and other factors. This optionality allows management to opportunistically repurchase shares while maintaining financial flexibility for operational initiatives and potential acquisitions.
Company Formally Concludes Process to Explore Potential Strategic Alternatives, Reaffirms Commitment to Comprehensive Value Creation Roadmap
Value Creation Roadmap Includes Selling Non-Core Assets, Real Estate Development at Harvest, Land Use Conversion, Water Monetization and Avocado Expansion
Harold Edwards, President and Chief Executive Officer of Limoneira, stated, “The initiation of our share repurchase program reflects our board of directors’ strong confidence in our strategic direction and our conviction that our current share price significantly undervalues Limoneira’s substantial portfolio of opportunities. While we formally concluded our strategic alternatives exploration process, we remain firmly committed to our roadmap of creating stockholder value through multiple avenues: divesting non-core assets, advancing our real estate development initiatives, pursuing land use conversion opportunities, monetizing our valuable water resources, expanding our position as one of the largest avocado growers in
Repurchases of shares of common stock under the share repurchase program will be made in accordance with applicable securities laws and may be made under a variety of methods, which may include open market or in privately negotiated transactions. The share repurchase program may be modified, suspended or discontinued at any time and does not commit the Company to repurchase shares of the common stock. The extent to which the Company repurchases shares of common stock, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company.
About Limoneira Company
Limoneira Company, a 132-year-old international agribusiness headquartered in
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,” “plans,” “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 that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies; 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; disruption in the global supply chain; 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; 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 that 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317168995/en/
Investor:
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
FAQ
How much is Limoneira's new share buyback program worth?
What are the key components of Limoneira's value creation roadmap?
When did Limoneira conclude its strategic alternatives exploration process?
How will LMNR implement its share repurchase program?
