Subsequent Events |
12 Months Ended |
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Sep. 30, 2016 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Subsequent Events
On November 10, 2016, Met issued a Partial Release of Mortgage removing their lien on approximately 8,640 acres of ranch land in Hendry County, Florida. There was no price charged for the release. The release was recorded on November 28, 2016.
On December 1, 2016, the Silver Nip Citrus debt agreements with Prudential were amended. The primary terms of the amendments were (1) the Company provided a limited $8,000,000 guaranty of the Silver Nip debt, (2) the limited personal guarantees previously provided by George Brokaw, Remy Trafelet and Clayton Wilson also totaling $8,000,000 were released and (3) the required consolidated current ratio was reduced from 1.50 to 1.00 to 1.00 to 1.00 for covenant compliance purposes. The personal guarantees were provided prior to the Company’s Merger with Silver Nip Citrus.
In December 2016, the Company reached an agreement in principle to sell 49 acres of land and facilities in Hendry County, Florida for $2,200,000. The property, known as Alico Plant World, is currently leased to a vegetable nursery operator. The buyer is an affiliate of the tenant. The anticipated sales price exceeds its net book value and no impairment will be recognized.
Alico Inc. has begun to realign its management structure to optimize the financial returns on the assets of its Orange Co. and Conservation and Environmental Resources operating segments. Remy W. Trafelet will become President and Chief Executive Officer of the Company on January 1, 2017. He has led the Company’s Executive Committee as Chairman since 2013. George Brokaw will become Executive Vice Chairman for the Company while Hank Slack will serve Executive Chairman. Clay Wilson will step down as Chief Executive Officer on December 31, 2016. Mr. Wilson will continue to serve as a member of the Board of Directors. The compensatory arrangements and other terms are still being negotiated and will be disclosed when available.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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