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LMNR > SEC Filings for LMNR > Form 8-K on 15-Apr-2013All Recent SEC Filings

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Form 8-K for LIMONEIRA CO


15-Apr-2013

Other Events, Financial Statements and Exhibits


Item 8.01 Other Events

On April 15, 2013, Limoneira Company (the "Company") issued a press release announcing the Company's sale of 165,000 shares of Calavo Growers, Inc. ("Calavo Growers") common stock and the previously announced sale of its East Ridge parcel of property located in Santa Barbara County, California.

Sale of 165,000 Shares of Calavo Growers, Inc.

On April 11, 2013, the Company sold 165,000 shares of Calavo Growers common stock at a price of $29.02 per share (the closing price on April 10, 2013). Calavo Growers repurchased the shares pursuant to a stock purchase agreement between the companies in 2005. Following the sale of shares of Calavo Growers, the Company continues to own 500,000 shares of Calavo Growers common stock. The net proceeds to the Company from the sale were approximately $4.8 million. The Company intends to use the proceeds to reduce its long-term debt and to make strategic investments into its growth initiatives, including real estate development and agricultural acquisitions.

Sale of East Ridge Parcel of Property in Santa Barbara County, California.

As previously announced, on April 8, 2013, the Company and HM East Ridge, LLC entered into a Purchase and Sale Agreement with IPDC Construction, Inc. or its assignee to sell its East Ridge parcel of property located in Santa Barbara County, California, for a total sale price of $6.0 million. The real property is located in the City of Santa Maria, County of Santa Barbara, California and includes approximately 40 acres of land. The transaction is estimated to generate net proceeds of approximately $5.7 million. After transaction costs, the Company estimates that it will incur a non-cash impairment charge of approximately $1.8 million. The Company intends to use the proceeds to reduce its long-term debt and to make strategic investments into its growth initiatives, including real estate development and agricultural acquisitions.

A copy of the press release is filed as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release dated April 15, 2013 announcing sale of Calavo Growers stock and Sale of East Ridge parcel of property

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