and buy up to half of what we hold at prices greater than we can get on the market. PICO continues to disappoint me. I got sucked in to exercisce my Global Equity warrants the day they expired at over 23 bucks. That day or the day before the stock went wild on huge volume---seemed at the time like I better get in so I could recoup my original investment in the purchase of the warrants. As I say--I am very disappointed in the way the company has conducted itself.
LA JOLLA, Calif., Dec 17, 1999 /PRNewswire via COMTEX/ -- PICO Holdings, Inc. ("PICO") announced that the Board of Directors yesterday approved a rights offering of PICO common stock.
The rights offering will give shareholders the opportunity to increase their investment in PICO through receiving a right to buy one share of PICO stock for every two shares held. Each right will be exercisable for a price of $15.00, which represents the average price of PICO stock for the previous twenty trading days.
The additional capital raised by the rights offering will be used to further develop existing water assets and acquire additional water assets, to make strategic investments, and working capital needs.
PICO has entered into an agreement with an investment partnership to purchase $50 million of PICO stock not subscribed for by PICO's shareholders in the rights offering.
This press release is not an offer to sell common shares of PICO Holdings, Inc. The offering will be made only by means of a prospectus.
No shares can be offered until a registration statement has become effective.
This press release contains a number of "forward-looking statements"
within the meaning of various provisions of the Securities Act and the Exchange Act, including, without limitation, statements about PICO's plans for expansion, investing philosophy, and business expectations, which statements reflect PICO's current views with respect to future events that will have an effect on PICO's financial performance. PICO cautions investors that any forward-looking statements made by PICO are subject to various risks and uncertainties that could cause actual
results to differ materially from such forward-looking statements or from historical results. Readers are cautioned not to place undue reliance on these forward-looking statements.
PICO is a holding company with offices in La Jolla, California, principally engaged in property and casualty insurance; the development of surface, water and mineral rights; and strategic investing. PICO shares are traded on the Nasdaq National Market under the symbol "PICO." Further information is available through PICO's website at www.picoholdings.com .