Key Developments For PICO Holdings, Inc.
PICO Holdings, Inc. (PICO.O) (Consolidated Issue listed on NASDAQ Global Market)
PICO Holdings, Inc. Announces Public Offering of 694,444 Shares
PICO Holdings, Inc. announced that it has priced a public offering of 694,444 shares of its common stock at $27.00 per share. The offering is expected to close on or about June 15, 2009. The offering is in addition to the offering PICO announced on June 5, 2009, relating to the sale of 3,055,556 shares of its common stock at $27.00 per share. In aggregate, the approximately $95.6 million of net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses, will be used for general corporate purposes. The sole underwriter for the offering is ThinkEquity LLC. ThinkEquity LLC has informed PICO that it is not exercising its over-allotment option in connection with the offering announced on June 5, 2009 and the underwriter has no over-allotment option in connection with the offering of 694,444 shares announced.
PICO Holdings, Inc. Announces Public Offering of 3,055,556 Shares
PICO Holdings, Inc. announced that it has priced a public offering of 3,055,556 shares of its common stock at $27.00 per share. The approximately $77.9 million of net proceeds, after deducting the underwriting discounts and commissions and estimated offering expenses, will be used for general corporate purposes. The offering is expected to close on or about June 10, 2009. The sole underwriter for the offering is ThinkEquity LLC. The underwriter has been granted a 30 day option to purchase up to an additional 458,333 shares to cover over allotments, if any.
PICO Holdings, Inc. Sells Remaining Interest In Semitropic Water Storage Facility
PICO Holdings, Inc. announced that its wholly-owned subsidiary, Vidler Water Company, Inc., has assigned its remaining rights and obligations in the Semitropic Water Banking and Exchange Program for total cash sale proceeds of $11.7 million. The purchaser was San Diego County Water Authority, a public water agency serving San Diego County, California. The interest assigned to San Diego County Water Authority principally consisted of 30,000 acre-feet of storage capacity.
PICO Holdings, Inc. Sells Its Interest in Jungfraubahn Holding AG
PICO Holdings, Inc. announced that its wholly-owned Swiss subsidiary, Global Equity AG, sold its entire position of 1,312,907 shares in Jungfraubahn Holding AG for 57.70 Swiss Francs (CHF) per share, resulting in gross sale proceeds of CHF 75.8 million (approximately USD 75.8 million).
PICO Holdings, Inc. Announces Retirement Of Chairman
PICO Holdings, Inc. announced that the Company's Chairman, Ron Langley, is slated to retire from his executive position and as Chairman of the Company's Board of Directors as of December 31, 2007. Mr. Langley will serve on the PICO Board as a Director at least throughout 2008. The PICO Board will elect the Company's new Chairman at its November 2007 meeting. In the interim, PICO's Board has elected John D. Weil as Lead Director, effective May 7, 2007.
