Pure Cycle Corp Sold 1.5M High Plains Shares at $2.35
Pure Cycle Corporation (Nasdaq: PCYO) announces today the sale of High Plains A&M Collateral stock.
High Plains Default
High Plains A&M, LLC ("HP A&M") has failed to make balloon payments due on certain promissory notes secured by deeds of trust on properties we acquired pursuant to the Arkansas River Agreement. HP A&M pledged 1,500,000 unregistered shares of Pure Cycle common stock owned by HP A&M as security for the payment and performance of HP A&M's obligations on those notes and deeds of trust. On September 27, 2012, we sold the pledged shares to the highest qualified bidder in a foreclosure sale conducted by Wm Smith & Co at a price of $2.35 per share. The proceeds of $3,525,000 from the sale, less commission, will go to Pure Cycle.
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