Limoneira offers 1.8 million shares

02/19/2013 12:40:00 PM
Mike Hornick

LimoneiraLimoneira Co. could gross about $33.3 million from a public offering of 1.8 million shares expected to close Feb. 20.

“We’re raising money to grow the business,” said Joseph Rumley, chief financial officer at Santa Paula, Calif.-based Limoneira. Possible uses for the proceeds include repayment of debt, real estate development and agricultural acquisitions.

No changes to fresh fruit operations are planned, Rumley said.

Limoneira was already a public company. The grower-shipper produces lemons, avocados, oranges, specialty citrus and other crops.

Share price is $18.50.

Information on the offering is available from Janney Montgomery Scott LLC by e-mail at prospectus@janney.com. It’s the lead manager for the offering and Roth Capital Partners LLC is co-lead. Feltl and Co. Inc. is co-manager.

Limoneira also gave the underwriters a 30-day option to buy an added 270,000 shares of common stock to cover any over allotments.



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