Key Developments For Alico Inc
Alico Inc (ALCO.O) (Nasdaq)
Alico, Inc. Announces Dividend
Alico, Inc. announced that at its Board of Directors declared a dividend in the amount of $0.1375 per share to be paid to shareholders of record as of October 31, 2009 with payment expected on or about November 15, 2009.
Alico, Inc. Announces Dividend
Alico, Inc. announced that it has declared a dividend in the amount of $0.1375 per share to be paid to shareholders of record as of July 31, 2009 with payment expected on or about August 15, 2009.
Alico, Inc. Special Committee For Troutman Litigation Issues Report Regarding Derivative Litigation
Alico, Inc. announced that the Special Committee of Independent Directors of Alico's Board of Directors, which was constituted to investigate the allegations of a shareholder derivative action previously filed by Baxter Troutman, has completed its investigation and determined that it would not be in Alico's best interest to pursue such litigation. Accordingly, Alico has filed a motion to dismiss the litigation based upon the findings of the Special Committee of independent directors.
Alico, Inc. Modifies Its Revolving Line of Credit
Alico, Inc. announced that on March 30, 2009 the Company modified its $125 million Revolving Line of Credit (RLOC) with Farm Credit of Southwest Florida. According to the terms of the modification, the RLOC was modified to reduce the total availability of funds from $125 million to $75 million. Additionally, several covenants were modified as follows: a) the covenant requiring the Company to maintain stockholder equity of at least $110 million was eliminated in its entirety, b) the minimum current ratio was increased from 2.0 to 1 to 2.5 to 1, c) the fixed charge coverage ratio was replaced by a debt coverage ratio requiring the Company to maintain a debt coverage of not less than 1.10 to 1 on a rolling four quarter basis. The maturity date of the RLOC was extended from August 1, 2010 to August 1, 2011. The interest rate index was changed from 3 month LIBOR to 1 month LIBOR, and the interest rate spreads increased by 100 basis points. The Company also pledged an additional 10,000 acres of real estate in Hendry County, Florida.
Alico, Inc. Receives $7.0 Million Settlement
Alico, Inc. announced that it had executed a Settlement Agreement with a vendor that resulted in a $7.0 million payment to Alico on March 20, 2009. Under the agreement, the vendor admits no wrongdoing and stipulates that Alico cannot divulge the vendor's name or the agreement's circumstances. Alico will recognize the payment as non-operating income during its second quarter ending March 31, 2009.
