AOL co-founder Steve Case has significantly expanded his stake in Maui Land & Pineapple Co., buying additional stock that increases his ownership to 62.8 percent of the company.
Case paid $15.6 million to acquire an additional 4 million shares, according to a report filed Monday with the federal Securities and Exchange Commission. The deal comes just days after Case paid $16.5 million to acquire 4.27 million shares July 28, under a rights offering by the company.
The back-to-back transactions more than triple Case’s holdings in Maui Land & Pineapple, to a total ownership of 11.8 million shares.
The company held a rights offering that gave existing shareholders a chance to buy more ML&P stock. The sale was part of an effort to raise cash and retire some $40 million in convertible notes, a portion of the company’s significant debt.
Maui Land & Pineapple filed a separate report last week saying it had completed the sale on the New York Stock Exchange.
Chief Financial Officer Tim Esaki said Wednesday that ML&P was pleased with the result of the sale.
“We’re actually very appreciative of the confidence expressed by all our shareholders in the company, but in particular we’re very fortunate to have someone like Steve Case, who not only believes in the company but also recognizes the importance of the company to the Maui community and economy,” he said.
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