NEWHALL RE-BUYING SHARES ELIGIBLE SELLERS HAVE UNTIL NOV. 5.Byline: Daily News VALENCIA - Smaller-scale investors in The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. have until Nov. 5 to sell their shares to the development company under a low-cost buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program. Shareholders with fewer than 100 units as of Sept. 17 can sell their holdings to the company. The campaign is part of Newhall Land's effort to buy up its own stock, an investment in itself while stock is priced low. Newhall Land estimates that approximately 900 of these investors hold about 31,000 shares. As of Sept. 6, the company had a total of approximately 6,600 unit-holders and 24.7 million units outstanding. The new buyback program is being administered by Georgeson Shareholder Communications Inc. and is entirely voluntary. Sellers will receive a per-unit price equal to the average closing market prices of Newhall Land units as reported by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. for each trading day In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. through Nov. 5. Participants will pay a processing fee of $1 per unit, up to a maximum of $20 per account. Information was mailed to eligible investors this week. Newhall Land is the developer of the community of Valencia, which is nearly built out, and has plans to build a massive housing, commercial and industrial community called Newhall Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. . |
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