Key Developments: PICO Holdings Inc (PICO.O)
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Latest Key Developments (Source: Significant Developments)
PICO Holdings Inc's Vidler Water Company and City of Scottsdale Reach Agreement to Sell Land and Water Rights for Two Golf Courses in Scottsdale, Arizona
Vidler Water Company, a subsidiary of PICO Holdings Inc announced it had reached a definitive agreement with two Scottsdale, Arizona golf courses for the sale of 1,021.1 net acres and 3,063.3 acre feet of associated groundwater rights for $9,955,725.00. The City of Scottsdale approved the transaction at the City Council meeting on December 4, 2012. The agreement is subject to certain closing conditions and a final closing is expected in the first quarter of 2013. Full Article
PICO Holdings Inc Announces Closing of Sale of Two Insurance Company Subsidiaries to White Mountains Insurance Group Ltd
PICO Holdings Inc announced that it has closed the sale of its two insurance company subsidiaries, Physicians Insurance Company of Ohio and Citation Insurance Company, to an affiliate of White Mountains Insurance Group Ltd. The transaction resulted in proceeds to PICO of approximately $44.4 million. Full Article
PICO Holdings, Inc. Announces Sale of Its Two Insurance Company Subsidiaries
PICO Holdings, Inc. announced that it has entered into a definitive Stock Purchase Agreement with White Mountains Solutions Holding Company, a wholly owned subsidiary of White Mountains Insurance Group, Ltd. to sell its two insurance Company subsidiaries, Physicians Insurance Company of Ohio, an Ohio stock insurance company, and Citation Insurance Company, a California stock insurance company (the Companies), which have been in run-off and not writing new insurance policies for several years. The sale and purchase transactions will require Department of Insurance approvals in Ohio and California prior to closing. It is currently expected that the transaction will result in net proceeds of approximately $45 million to PICO, including a targeted pre-closing dividend from the Companies of $27.85 million, in aggregate, subject to adjustment based on insurance regulatory requirements. The final net proceeds and pre-closing dividend will not be determined until closing occurs. Following closing, PICO will have no residual insurance interests and no assets regulated under any state Departments of Insurance. Full Article
PICO Holdings, Inc. Announces Closing Of Sale Of Nevada Land And Resource Company, LLC
PICO Holdings, Inc. announced that the sale of the Company's wholly owned subsidiary, Nevada Land and Resource Company, LLC has closed. PICO received $31 million in cash in exchange for the sale of PICO's membership interest in NLRC. Excluded from the sale of NLRC were existing promissory notes of approximately $3 million and certain water rights and related land assets. The NLRC assets sold included in excess of 480,000 acres of Nevada real property together with a sizable mineral estate. Full Article
PICO Holdings, Inc. Announces Definitive Agreement to Sell Nevada Land and Resource Company, LLC
PICO Holdings, Inc. announced that a Definitive Agreement for the sale of the Company's wholly -- owned subsidiary, Nevada Land and Resource Company, LLC to a third party has been executed and a non-refundable deposit of $1,000,000 has been received. Under the Definitive Agreement, NLRC will be sold for $31 million in cash with the close of escrow scheduled for December 2011. Excluded from the sale are existing promissory notes of approximately $3 million and certain water rights and related land assets. NLRC assets include in excess of 480,000 acres of Nevada real property together with a sizable mineral estate. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Into PICO Holdings, Inc.
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against Pico Holdings, Inc. and its Board of Directors related to the Company’s compensation package for its CEO and other executives. The investigation concerns whether the Board of Directors breached their fiduciary duties by awarding themselves excessive compensation despite approximately 60 percent of the Company’s shareholders voting “no” on PICO’s “say on pay provision” at the Company’s annual meeting. PICO’s CEO compensation rose between 2008 and 2010 almost eight times from $1.82 million in 2009 to $14.278 million in 2010, including a $12.276 million stock award. The Company’s share price has similarly plummeted from a high of $47.64 in 2008 to currently approximately $28.50 per share. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation Of PICO Holdings, Inc.
Levi & Korsinsky, LLP announced that it is investigating PICO Holdings, Inc., and its Board of Directors, in connection with the Company's 2010 compensation for its CEO. At the Company’s recent annual shareholder meeting held May 13, 2011, shareholders voted 'no' on PICO's say on pay provision. The investigation concerns whether certain the CEO of PICO was awarded salaries, bonuses, and/or other forms of compensation that were excessive or unwarranted based on PICO’s performance. Specifically, total compensation for PICO’s CEO increased almost eight times from 2008 to 2010. The total CEO compensation was $1.82 million in 2008 versus approximately $14.278 in 2010, including a stock grant of $12.276. The CEO's compensation increased despite the fact that PICO's stock prices fell from a high of $47.64 per share in 2008, to $31.39 in January of 2010, to a current share price of about $29 per share. Full Article
Law Offices of Howard G. Smith Announces Investigation of PICO Holdings, Inc.
Law Offices of Howard G. Smith announced that it is investigating potential claims against Pico Holdings, Inc. and its Board of Directors related to the Company’s compensation package for its CEO and other executives. The investigation concerns whether the Board of Directors breached their fiduciary duties by awarding themselves excessive compensation despite approximately 60% of the Company’s shareholders voting “no” on PICO’s “say on pay provision” at the Company’s annual meeting. PICO’s CEO compensation rose almost eight times between 2008 and 2010, from $1.82 million in 2009 to $14.278 million in 2010, including a $12.276 million stock award. The Company’s share price has similarly plummeted from a high of $47.64 in 2008 to currently approximately $28.50 per share. Full Article
Homebuilder UCP files for $125 million IPO
April 4 - Homebuilder UCP LLC, owned by diversified holding company Pico Holdings Inc, filed with U.S. regulators to raise up to $125 million through an initial public offering of its shares.
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