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Maui Land & Pine shares hit high
Shares of Maui Land & Pineapple Co., which returned to profitability in 2003 with $6 million in net income, soared 10.6 percent, or $3.75, to an all-time high of $39.25 yesterday in trading on the American Stock Exchange.
Chief Financial Officer Paul Meyer said there was no company news to account for the stock's move. Volume in the thinly traded company was 10,900 shares, more than triple the six-month daily average of 3,385 shares.
Meyer also said it was unlikely that a Securities and Exchange Commission registration statement made public yesterday contributed to the big gain because the statement was based on news disclosed at a shareholders meeting in December.
In the statement, MLP said it was registering 500,000 shares it intends to use as part of the company's compensation plan approved at the December meeting.
Unregistered shares can't be traded. Of the 500,000 shares, 85,000 are subject to options already granted to employees. The other 415,000 are available for future grants.
Lanai resorts to go Four Seasons
Four Seasons Hotels and Resorts has signed a letter of agreement with Castle & Cooke Resorts LLC to rebrand the Manele Bay Hotel and The Lodge at Koele on Lanai.
The 249-room Manele Bay will acquire the Four Seasons name this year, while the 102-room Lodge will follow in 2005. The properties have been managed by Castle & Cooke.
The Toronto-based Four Seasons already has a presence in Hawaii at the Four Seasons Resort Maui and the Four Seasons Hualalai on the Big Island. Four Seasons Hotels and Resorts manages 61 properties in 29 countries.
Wailea center construction to start
The 51,000 square-foot Wailea Town Center on Maui will soon begin its first phase of construction, the developers said yesterday.
The project will include retail, professional office, medical and residential space. A second phase is scheduled to begin construction in approximately six months. Tenants of the complex will be able to purchase rather than lease space.
Phase one of the project will consist of two single-story community retail and office buildings totaling 23,000 square feet. Phase two will have two, two-story buildings totaling approximately 28,000 square feet. The first phase will be ready for occupancy in December.