Maui Land & Pineapple: Kapalua Resort Update
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
Maui Land & Pineapple: Kapalua Resort Update Maui Land & Pineapple (NYSE: MLP) announced that it has successfully retired all of its $40,000,000 of senior secured convertible notes utilizing proceeds from the just completed $40 million shareholder rights offering. Remaining capital from the rights offering will be used as working capital for resort and real estate development operations. Also reported today: AOL co-founder, Steve Case, purchased MLP shares under the rights offering last week and a separate transaction today, thereby increasing his ownership of the company to 62.8%. According to their second quarter filings, Maui Land & Pineapple reported operating losses of $4.6 million and consolidated revenues of $8.3 million. This is compared with losses of $54.2 million and reve...
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