Limoneira (LMNR) to Explore Strategic Alternatives to Maximize Value

December 1, 2023 9:14 AM EST

Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced that its Board of Directors (the “Board”), with the support of management, has commenced a process to explore potential strategic alternatives aimed at maximizing value for stockholders. As part of this process, the Board is exploring a range of potential alternatives including, but not limited to, a sale of all or parts of the Company, merger, and other potential strategic transactions. The Board has retained Stephens Inc. as its financial advisor and Squire Patton Boggs (US) LLP as its legal advisor to assist with the exploration of alternatives.

Scott S. Slater, Chairperson of the Board, stated, “Over Limoneira’s 130-year history it has grown into one of the leading, sustainable agribusiness companies in the world with over 11,100 acres of valuable lands, real estate properties, and senior water rights. Over the past 18 months, we have developed a strategic roadmap intended to enhance near and long-term shareholder value. Today, we consider ourselves to be in a strong financial position, having recently reduced our net debt position and rightsized the balance sheet through our ongoing strategic shift towards an asset-lighter business model. Given the Board’s belief that there is a disconnect between Limoneira’s public market value and the intrinsic value of our Company’s underlying assets, the Board believes it is the right time to explore all strategic options to prioritize the Company’s growth and stockholder value.”

The Board has not set a timetable for the conclusion of this process and there can be no assurance that it will result in any transaction or other strategic change or outcome. Limoneira does not intend to comment further until it determines that further disclosure is appropriate or necessary.

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