Royal Hawaiian Orchards, L.P. Commences Rights Offering to Raise Growth Capital for Expansion of Royal Hawaiian Orchards(R) B...
15 Gennaio 2014 - 12:37AM
Marketwired
Royal Hawaiian Orchards, L.P. Commences Rights Offering to Raise
Growth Capital for Expansion of Royal Hawaiian Orchards(R) Brand
HILO, HI--(Marketwired - Jan 14, 2014) - Royal Hawaiian
Orchards, L.P. (OTCQX: NNUTU) (or "RHO"), one of the world's
largest growers of macadamia nuts, today announced its commencement
of a rights offering (the "Rights Offering"), which is being
extended to all holders of record of the Company's Depository Units
as of the close of business on November 4, 2013 (the "Record
Date"). If these subscription rights are exercised in full,
the Rights Offering is expected to raise approximately $9 million
after expenses.
"We are taking a major step forward towards realizing our goal
to transition from a farming company to a branded healthy snack
food company with this Rights Offering," said President and CEO
Scott Wallace. "Our strategy is to capitalize on consumers' views
of nuts as an upscale healthy snack that can command prices above
traditional mass-marketed products. Our Royal Hawaiian
Orchards® brand products contain no artificial ingredients, are
non-GMO (non-genetically modified organisms), gluten-free, and have
no sulfites. We are leveraging the existing nutritional properties
inherent in tree nuts in our line of macadamia-based foods. Our
strategy is based on promoting the health benefits of macadamia
nuts, which are similar to those of almonds, a food product that
has achieved strong market positioning based on growing consumer
awareness of associated wellness properties.
"In the short time since our launch in late 2012, the Royal
Hawaiian Orchards® brand has been accepted by consumers as a
healthy snack alternative with retail distribution in over 3,000
stores in the continental U.S. and Hawaii. The funds from this
rights offering will be used to quickly expand distribution
nationwide to national, regional and independent grocery and drug
chains, as well as mass merchandisers, that target consumers with
healthy eating habits and the disposable income needed to afford
premium products.
"By pursuing a branded products strategy and continuing to farm
macadamias, we believe that we may have a pricing advantage,
because we are able to produce nuts from our own orchards at a
relatively fixed and currently favorable cost and do not have to
compete to purchase nuts from third parties. Further, we believe
that should wholesale nut prices decline, our branded strategy
serves to mitigate our exposure to fluctuating commodity
prices."
As of the Record Date, RHO's two largest unit holders
beneficially owned a combined total of approximately 59% of the
Depositary Units. These unit holders have indicated that they
intend to exercise their rights in full. Such indications are
not binding, and such holders are not legally obligated to purchase
any Depositary Units.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of any
securities referred to in this press release in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction. The Rights Offering will be made only by means of the
Prospectus pursuant to the requirements of the Securities Act of
1933, as amended.
If you are a unitholder and you have any questions about the
Rights Offering, please contact AST Phoenix Advisors, our
information agent, at (866) 828-6929 (toll free).
About Royal Hawaiian Orchards Royal Hawaiian Orchards, L.P. is
one of the leading growers and processors of macadamia nuts in the
world, processing and marketing macadamia nuts in-shell, bulk
kernel and all natural, "better for you" snack products marketed
under the Royal Hawaiian Orchards® brand name.
Forward-Looking Statements 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 future nut prices, which are based on
certain assumptions and forecasts, pricing advantages, and the
mitigation of exposure to fluctuating prices. 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.
Contact: Scott Wallace President Telephone: (949) 661-6304
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