| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discount(1)
|
| | | $ | | | | | | $ | | | |
Proceeds, before expenses, to us
|
| | | $ | | | | | | $ | | | |
|
Stephens Inc.
|
| | | | |
Stifel
|
|
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Page
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| | | | S-v | | | |
| | | | S-1 | | | |
| | | | S-9 | | | |
| | | | S-10 | | | |
| | | | S-13 | | | |
| | | | S-14 | | | |
| | | | S-15 | | | |
| | | | S-19 | | | |
| | | | S-23 | | | |
| | | | S-23 | | |
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Ranch Name
|
| |
County/State
|
| |
Total
Acres |
| |
Lemons
|
| |
Avocados
|
| |
Oranges
|
| |
Specialty
Crops |
| |
Other
|
| ||||||||||||||||||
Limoneira/Olivelands
|
| | Ventura, CA | | | | | 1,700 | | | | | | 700 | | | | | | 500 | | | | | | — | | | | | | — | | | | | | 500 | | |
Orchard Farm
|
| | Ventura, CA | | | | | 1,100 | | | | | | 500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 600 | | |
Teague McKevett
|
| | Ventura, CA | | | | | 500 | | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | | | | | 400 | | |
La Campana
|
| | Ventura, CA | | | | | 300 | | | | | | 100 | | | | | | 200 | | | | | | — | | | | | | — | | | | | | — | | |
Rancho La Cuesta
|
| | Ventura, CA | | | | | 200 | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | |
Limco Del Mar
|
| | Ventura, CA | | | | | 200 | | | | | | 100 | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | |
Porterville Ranches
|
| | Tulare, CA | | | | | 1,200 | | | | | | 400 | | | | | | — | | | | | | 400 | | | | | | 200 | | | | | | 200 | | |
Ducor Ranches
|
| | Tulare, CA | | | | | 1,000 | | | | | | 300 | | | | | | — | | | | | | 400 | | | | | | 300 | | | | | | — | | |
Windfall Farms
|
| |
San Luis Obispo, CA
|
| | | | 700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 300 | | | | | | 400 | | |
Sheldon Ranches
|
| | Tulare, CA | | | | | 1,000 | | | | | | 200 | | | | | | — | | | | | | 600 | | | | | | 100 | | | | | | 100 | | |
Lemons 400
|
| | Tulare, CA | | | | | 800 | | | | | | 400 | | | | | | — | | | | | | — | | | | | | — | | | | | | 400 | | |
Cadiz
|
| |
San Bernardino, CA
|
| | | | 800 | | | | | | 600 | | | | | | — | | | | | | — | | | | | | — | | | | | | 200 | | |
Associated Citrus Packers
|
| | Yuma, AZ | | | | | 1,300 | | | | | | 1,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | |
Fruticola Pan de Azucar
|
| | La Serena, Chile | | | | | 200 | | | | | | 100 | | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | |
Other agribusiness land
|
| |
Various counties, CA
|
| | | | 200 | | | | | | 100 | | | | | | — | | | | | | — | | | | | | 100 | | | | | | — | | |
Total
|
| | | | | | | 11,200 | | | | | | 4,800 | | | | | | 900 | | | | | | 1,500 | | | | | | 1,000 | | | | | | 3,000 | | |
Percentage of Total
|
| | | | | | | 100% | | | | | | 43% | | | | | | 8% | | | | | | 13% | | | | | | 9% | | | | | | 27% | | |
|
County, State, Fruit Variety
|
| |
Age of Orchards
|
| |||||||||||||||||||||
|
0 – 4 Years
|
| |
5 – 25 Years
|
| |
Over 25 Years
|
| |
Total
|
| ||||||||||||||
Ventura, CA | | | | | | ||||||||||||||||||||
Lemons
|
| | | | 300 | | | | | | 600 | | | | | | 800 | | | | | | 1,700 | | |
Avocados
|
| | | | — | | | | | | 500 | | | | | | 400 | | | | | | 900 | | |
Total Ventura, CA
|
| | | | 300 | | | | | | 1,100 | | | | | | 1,200 | | | | | | 2,600 | | |
Tulare, CA | | | | | | ||||||||||||||||||||
Lemons
|
| | | | 400 | | | | | | 300 | | | | | | 500 | | | | | | 1,200 | | |
Oranges
|
| | | | 100 | | | | | | 600 | | | | | | 700 | | | | | | 1,400 | | |
Specialty citrus and other
|
| | | | 200 | | | | | | 400 | | | | | | 100 | | | | | | 700 | | |
Total Tulare, CA
|
| | | | 700 | | | | | | 1,300 | | | | | | 1,300 | | | | | | 3,300 | | |
San Bernardino, CA – Lemons
|
| | | | 400 | | | | | | 200 | | | | | | — | | | | | | 600 | | |
San Luis Obispo, CA – Wine Grapes
|
| | | | 300 | | | | | | — | | | | | | — | | | | | | 300 | | |
Yuma, AZ – Lemons
|
| | | | 500 | | | | | | 700 | | | | | | — | | | | | | 1,200 | | |
La Serena, Chile | | | | | | ||||||||||||||||||||
Lemons
|
| | | | — | | | | | | 100 | | | | | | — | | | | | | 100 | | |
Oranges
|
| | | | — | | | | | | 100 | | | | | | — | | | | | | 100 | | |
Total La Serena, Chile
|
| | | | — | | | | | | 200 | | | | | | — | | | | | | 200 | | |
Total
|
| | | | 2,200 | | | | | | 3,500 | | | | | | 2,500 | | | | | | 8,200 | | |
Percentage of Total
|
| | | | 27% | | | | | | 43% | | | | | | 30% | | | | | | 100% | | |
Summary by Crop | | | | | | ||||||||||||||||||||
Lemons
|
| | | | 1,600 | | | | | | 1,900 | | | | | | 1,300 | | | | | | 4,800 | | |
Avocados
|
| | | | — | | | | | | 500 | | | | | | 400 | | | | | | 900 | | |
Oranges
|
| | | | 100 | | | | | | 700 | | | | | | 700 | | | | | | 1,500 | | |
Specialty citrus and other
|
| | | | 500 | | | | | | 400 | | | | | | 100 | | | | | | 1,000 | | |
Total
|
| | | | 2,200 | | | | | | 3,500 | | | | | | 2,500 | | | | | | 8,200 | | |
|
|
Public offering price per share
|
| | | $ | | | |
|
Net tangible book value per share as of April 30, 2018
|
| | | $ | 11.18 | | |
|
Increase in net tangible book value per share attributable to new investors
|
| | | $ | | | |
|
As adjusted net tangible book value per share after this offering
|
| | | $ | | | |
|
Dilution per share to investors in this offering
|
| | | $ | | | |
Underwriter
|
| |
Number of
Shares |
| |||
Stephens Inc.
|
| | | | | | |
Stifel, Nicolaus & Company, Incorporated
|
| | | | | | |
Roth Capital Partners, LLC
|
| | | | | | |
Lake Street Capital Markets, LLC
|
| | | | | | |
Total
|
| | | | | | |
|
| | |
Per Share
|
| |
Total with no
Over-Allotment |
| |
Total with
Over-Allotment |
| |||||||||
Underwriting discount to be paid by us
|
| | | $ | | | | | $ | | | | | $ | | |
| | |
Page
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| | | | 9 | | | |
| | | | 11 | | | |
EXPERTS | | | | | 11 | | |