PICO Holdings (PICO) Announces Agreement to Sell Subsidiary, Nevada Land and Resource Company
PICO Hot Sheet
EPS Growth %: -33.3%
PICO Holdings, Inc. (Nasdaq: PICO) announced that a Definitive Agreement for the sale of the Company's wholly – owned subsidiary, Nevada Land and Resource Company, LLC to a third party has been executed and a non-refundable deposit of $1,000,000 has been received. Under the Definitive Agreement, NLRC will be sold for $31 million in cash with the close of escrow scheduled for December 2011. Excluded from the sale are existing promissory notes of approximately $3 million and certain water rights and related land assets. NLRC assets include in excess of 480,000 acres of Nevada real property together with a sizable mineral estate.
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