ML Macadamia Orchards, L.P. Unitholders Approve Proxy to Vertically Integrate
17 Marzo 2008 - 11:31PM
Business Wire
ML Macadamia Orchards, L.P. (NYSE:NUT) announced today that its
Class A unitholders voted at a Special Meeting held March 10, 2008
to approve the company�s proposal to amend the Partnership
Agreement to allow processing and marketing of macadamia nuts.
Formerly, the business purpose of the Partnership was restricted
solely to macadamia farming. The Partnership indicated in its Proxy
Statement that there is no specific acquisition target at this
time, but that it intended to pursue a vertical integration
strategy to insulate the company from presently low commodity
prices. ML Macadamia Orchards, L.P. currently sells about 30% of
its production to Mauna Loa Macadamia Nut Corporation, a subsidiary
of Hershey's, 25% of its production to Mac Farms of Hawaii, LLC and
10% of its production to Purdyco International, dba Island
Princess. The remaining production is contracted for sale to
Hamakua Macadamia Nut Company, but Hamakua has refused to purchase
nuts under the agreement. The Partnership has filed a complaint
against Hamakua for non-performance under the contract. This press
release contains forward-looking statements regarding future events
and future performance of the Partnership that involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. These include
statements, among others, regarding the Partnership�s future nut
price, which are based on certain assumptions and forecasts. The
Partnership files documents with the Securities and Exchange
Commission, such as Form 10-K, Form 10-Q and Form 8-K reports,
which contain a description of these and other risks and
uncertainties that could cause actual results to differ from
current expectations and the forward-looking statements contained
in this press release. ML Macadamia Orchards, L.P. is the world�s
largest grower of macadamia nuts, owning or leasing 4,190 acres of
orchards on the island of Hawaii.
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