secwatch.observer — SEC 8-K summary
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Issuer:     Limoneira CO (LMNR)
CIK:        0001342423
Form:       8-K
Filed at:   2023-02-06T23:59:59+00:00
Accession:  0001104659-23-011180
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Limoneira completes $100M sale of California citrus groves, enters management and packing agreements
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- Sold 3,537-acre Northern Properties in Tulare County for ~$100M; net proceeds ~$99M.
- Proceeds used to pay down all domestic debt except $40M Farm Credit West line.
- Entered Farm Management Agreement (annual fee ~$778k) and Grower Packing & Marketing Agreement with buyer PAI/PGIM.
- Nonrecurring gain on disposal of $39.995M; pro forma net income applicable to common stock $28.6M vs historical loss of $0.7M.
- Retention bonuses of $3.2M triggered by transaction; half paid in cash, half in restricted shares.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1342423/000110465923011180/0001104659-23-011180-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1342423/000110465923011180/tm235310d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-011180

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