POULSBO, Wash., Dec. 7,
2017 /PRNewswire/ -- Pope Resources (NASDAQ:POPE) announced today
the extension and expansion of its Unit Repurchase Authorization
("Authorization") for an additional $1.3
million. Following the successful execution of its original
$1.2 million Authorization, the
Partnership believes that extending and expanding the Authorization
will continue to provide an attractive opportunity for allocating
capital while also offsetting the potentially dilutive impact of
the Partnership's equity compensation plans. The extended
Authorization became effective on December
7, 2017, and will continue for one year or until the
additional authorized funds of $1.3
million have been deployed, whichever is first.
About the Unit Repurchase Authorization
The extended Authorization permits the Partnership to repurchase
limited partnership units having an aggregate value of not more
than $1.3 million, subject to certain
specified conditions and other contingencies.
The Authorization permits the Partnership to repurchase units
pursuant to a programmed trading plan adopted in accordance with
Securities Exchange Act Rule 10b5-1 ("Rule 10b5-1"), and permits
the Partnership to enter into one or more programmed trading plans
permitted under that rule. Any programmed trading plan would be
initially implemented only at a time during which no legal or
regulatory restriction exists and while no blackout period is in
effect. The Authorization anticipates that management will take
appropriate measures to comply with the requirements of the
Securities Exchange Act of 1934, as amended, that are applicable to
issuer repurchases. Rule 10b5-1 allows an issuer to repurchase its
securities at times when it otherwise might be prevented from doing
so under insider trading laws or because of self-imposed trading
blackout periods. Separate from the Authorization, repurchases also
may be made from time to time in the open market and through
privately negotiated transactions, subject to general market
conditions.
The unit repurchase period will commence immediately and may
continue for up to twelve months. While the aggregate maximum
purchase price of units repurchased under the Authorization is
$1.3 million, any repurchase as well
as the actual price of any units repurchased under the
Authorization is subject to management's discretion and to the
terms of any applicable Rule 10b5-1 plan. There is no guarantee as
to the exact number of units that will be repurchased under the
Authorization, and the Partnership may, subject to Rule 10b5-1,
discontinue purchases at any time. Repurchased units will be
redeemed and retired.
Notices
This news release does not constitute an offer to purchase or a
solicitation of an offer to sell the limited partnership units
described in this news release, nor shall there be any sale of
these limited partnership units in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction. The Authorization will be consummated, if at
all, pursuant to valid exemptions from such registration.
About Pope Resources
Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property
Group, own or manage more than 210,000 acres of timberland and
development property in Washington
and Oregon. In addition, we
provide forestry consulting and timberland investment management
services to third-party owners and managers of timberland in
Washington, Oregon, and California. The company and its predecessor
companies have owned and managed timberlands and development
properties for more than 160 years. Additional information on the
company can be found at www.poperesources.com. The contents of our
website are not incorporated into this release, into the prospectus
relating to the DRIP, or into any of our other filings with the
Securities and Exchange Commission.
Forward-Looking Statements
Our public announcements often contain projections and
statements about our expected financial condition, operating
results, business plans and objectives, and about management's
plans for future operations and strategies. These statements
reflect management's estimates based on current goals and its
expectations about future developments. Those included in this
release are statements that affect our expectations for completion
of the unit repurchase program. These statements are inherently
uncertain, and some or all of these statements may not come to
pass. Accordingly, they should not be interpreted as promises of
future management actions or financial performance. Our future
actions and actual performance will vary from current expectations
and under various circumstances the results of these variations may
be material and adverse. Readers should note that all statements
other than expressions of historical fact are forward-looking in
nature. Some of the factors that may cause actual plans or results
to differ from our expectations include investor response to this
repurchase program, as well as factors that affect the liquidity
and the market price of our limited partner units and our liquidity
and capital resources. Other factors that may affect our
operations, our limited partner units or that affect or may affect
our results of operations, financial condition and cash flows, are
set forth in that part of our Annual Report on Form 10-K entitled
"Risk Factors."
Other issues that may have an adverse and material impact on our
business, operating results, and financial condition include those
risks and uncertainties discussed in our other filings with the
Securities and Exchange Commission. Forward-looking statements in
this release are made only as of the date shown above, and we
cannot undertake to update these statements.
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SOURCE Pope Resources