Rayonier to acquire Pope Resources

Rayonier
Press Release
January 17, 2020

  • Values Pope Resources limited partnership equity at $554 million, or $126.91 per unit
  • Adds fee ownership of 125,000 acres(1) of high-quality, predominantly Douglas-fir timberlands to Rayonier’s Pacific Northwest timberland portfolio; increases sustainable yield by 57 MMBF (or 455,000 tons) annually and proportion of Douglas-fir merchantable inventory from 60% to 68%
  • Adds private equity timber fund business with three funds comprising 141,000 acres and assets under management of $545 million; Pope Resources co-investment of 12% represents “look-through” ownership of additional 17,000 acres
  • Augments higher-and-better-use real estate pipeline with rural and conservation land sale opportunities and high-potential improved development projects in west Puget Sound area
  • Results in targeted annual cost synergies of $5 million, consisting primarily of rationalization of corporate overhead
  • Expected to generate accretion to cash available for distribution (“CAD”) (2)(3)(4) per share in first full year
  • Employs innovative UPREIT structure to defer capital gain recognition for Pope Resources unitholders

WILDLIGHT, Fla. & POULSBO, Wash.–(BUSINESS WIRE)–Jan. 15, 2020– Rayonier Inc. (“Rayonier”) (NYSE:RYN) and Pope Resources, A Delaware Limited Partnership (“Pope Resources”) (NASDAQ:POPE) announced today that they have entered into a definitive merger agreement under which Rayonier will acquire all of the outstanding limited partnership units of Pope Resources for consideration consisting of equity and cash. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies as well as the special committee of Pope Resources’ board composed solely of independent directors, Pope Resources unitholders will have the right to elect to receive (i) 3.929 common shares of Rayonier, (ii) 3.929 units of Rayonier Operating Partnership LP, or (iii) $125 in cash in exchange for each unit of Pope Resources, subject to a proration mechanism as described below. Based on Rayonier’s 10-day volume-weighted average price, the transaction values Pope Resources’ limited partnership equity at $554 million, or $126.91 per unit (assuming 70% of the Pope Resources units are exchanged for equity consideration and 30% are exchanged for cash consideration).

Following the closing of the transaction, Rayonier Operating Partnership LP (n/k/a Continue reading

Leave a comment | Posted in General |

Nassau County road & lane closures: week of January 18-24, 2020

U.S. 1 from County Road 108 to Eighth Street (Hillard)
Daytime road closure Monday from 9:30-11 a.m. for the Martin Luther King Day Walk event. Law enforcement will assist with detours.

U.S. 301 from Kings Road to Ewing Park Road (Callahan)
Daytime road closure Monday from noon to 1 p.m. for the Callahan Martin Luther King Parade event. Law enforcement will assist with detours.

I-95 
Daytime lane closures from 8 a.m. to 5 p.m. Monday and Tuesday southbound near the Nassau County line and Georgia State line for Gateway sign and guardrail construction.

I-95 from Florida State Line to Georgia exit 22 (Horsestamp Church Road)
Daytime lane closures for GDOT resurfacing project.

Arrigo Boulevard at State Road A1A 
Nighttime northbound lane closure weeknights from 9 p.m. to 6 a.m. for road work.

Felmor Road at State Road A1A 
Nighttime lane closures Thursday and Friday from 9 p.m. to 6 a.m. for road work.

Flora Park Crossing at State Road A1A 
Nighttime northbound lane closure Monday through Wednesday from 9 p.m. to 6 a.m. and nighttime southbound lane closures Thursday and Friday from 9 p.m. to 6 a.m. for road work.

Miner Road at State Road A1A 
Nighttime lane closures Thursday and Friday from 9 p.m. to 6 a.m. for road work.

State Road A1A from Harry Green Road to Yani Road 
Nighttime lane closures Thursday and Friday from 9 p.m. to 6 a.m. for road work.

State Road A1A from Meadowfield Bluffs Road to Peeples Road 
Daytime lane closure Saturday from 6 a.m. to 6 p.m. for road work.

State Road A1A from Pickett Street to Crawford Road
Daytime lane closures through January 31 from 7 a.m. to 7 p.m. for utility work.

State Road A1A from Rubin Davis Lane to Meadowfield Bluffs Road 
Nighttime lane closures Friday from 9 p.m. to 6 a.m. for road work.

State Road 17 from Ratliff Road to Roy Booth Road 
Daytime lane closures weekdays from 9 a.m. to 4 p.m. for roadside work.

State Road 115 over Thomas Creek
Daytime lane closures with flaggers Thursday from 9:30 a.m. to 3:30 p.m. for routine bridge maintenance.

 

Leave a comment | Posted in County News |

Adopt-A-Family holiday program a success thanks to community involvement

Barnabas Center
Press Release
Contact: Alexandra Winsor
Communications Manager
www.BarnabasNassau.org
January 17, 2020

Barnabas Center coordinated the holiday Adopt-a-Family program, which paired a local family in need with a sponsor to “adopt” that family to help provide for a joyful Christmas.

Barnabas thanks the following committee members for their assistance in the planning and implementation of the Adopt-a-Family program: St. Francis Church in Yulee, First Presbyterian Church of Fernandina Beach, Memorial United Methodist Church of Fernandina Beach, St. Michaels Catholic Church and Toys for Tots.

This year, 150 families – with a total of 340 children – were adopted by Barnabas and the following community partners: Head Start (Callahan and Fernandina Beach), Big Brothers & Big Sisters, ARC Nassau, Council on Aging and Family Support Services.

Barnabas thanks the many individuals, families and businesses that adopted families or provided financial donations including Pineland Bank, Davis Auto of Yulee, Omni Amelia Continue reading

Leave a comment | Posted in General |

AMP announces next production: Check Please

January 17, 2020

Directed by: Sabrina Rockwell

CHECK PLEASE follows a series of blind dinner dates that couldn’t get any worse — until they do — especially when your date happens to be a raging kleptomaniac or your grandmother’s bridge partner.

Dates and Times
Fri, Feb 07, 2020 7:30 PM
Sat, Feb 08, 2020 7:30 PM
Fri, Feb 14, 2020 7:30 PM
Sat, Feb 15, 2020 7:30 PM

Cast
Die-Hard Daters Buffy Wells, Cari Cahill, Dan Cahill, Doris Davis, Doug McDowell, Eliza Young, Geoffrey King, Jeff McDonald, Jefferson Bishop, Karen Hourigan, Kip Brown, Lindsey Nickel de la O, Melissa Bordelon, Natalie Blackwell, Paige Merz, Peter Crounse, Richard Smith, Robin Sylvester, Steve Parrott, Susan Joline, Sydney Lovell, Thom Mason

Leave a comment | Posted in Arts & Culture, Things to do |