Printer Friendly

POPE RESOURCES ANNOUNCES BLOCK UNIT REPURCHASE

 POULSBO, Wash., March 25 /PRNewswire/ -- Pope Resources (NASDAQ: POPEZ; PSE: PRP) today announced the repurchase of 250,000 of its units from its largest unitholder, Chieftain Capital Management Inc. The block repurchase price was $15,937,500, or $63.75 per unit. The repurchase and retirement of these units leaves 926,694 units outstanding. Chieftain Capital retained approximately 100,000 units after the transaction's completion. In order to facilitate this repurchase, which was financed from increased borrowings under the company's bank line of credit, Pope announced its intention to increase its harvest to 30 million board feet in 1993.
 "Given the near- and long-term prospects for timber prices, we believe this repurchase to be a great investment for the partnership and a value enhancement for our nonparticipating unitholders," explained George H. Folquet, president and chief executive officer.
 Pope Resources, a master limited partnership, owns 76,000 acres of timberland and development property in the Puget Sound area of Washington state.
 -0- 3/25/93
 /CONTACT: Tom Ringo of Pope Resources, 206-697-6626/
 (POPEZ)


CO: Pope Resources; Chieftain Capital Management Inc. ST: Washington IN: PAP SU:

SW-LM -- SE004 -- 9591 03/25/93 12:32 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 25, 1993
Words:193
Previous Article:BOSTON EDISON CO. $1.1 BILLION DEBS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:ALBANY HERALD SWITCHES TO MORNING EDITION
Topics:


Related Articles
POPE RESOURCES REPORTS FOURTH-QUARTER EARNINGS
POPE RESOURCES REPORTS FIRST-QUARTER INCOME OF $3,387,000
POPE RESOURCES REPORTS SECOND-QUARTER INCOME OF $1,511,000
POPE RESOURCES REPORTS THIRD-QUARTER INCOME OF $315,000
POPE RESOURCES ANNOUNCES CASH DISTRIBUTION
POPE RESOURCES REPORTS FIRST-QUARTER INCOME OF $569,000
POPE RESOURCES REPORTS SECOND QUARTER EARNINGS OF $3.485 MILLION
Pope & Talbot Announces Stock Repurchase Program.
Pope & Talbot Announces Stock Repurchase Program.
Pope & Talbot Announces Organizational Changes.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters