PICO Holdings To Explore Strategic Alternatives, Including Possible Sale

(RTTNews) - PICO Holdings Inc. (PICO), a water resource and water storage company, announced Monday that its Board of Directors is exploring strategic alternatives, including potential sale, to further enhance shareholder value

The Board had engaged JMP Securities LLC as PICO's exclusive financial advisor and Cooley LLP as PICO's legal counsel to explore strategic alternatives.

The intention of the engagements is to evaluate potential alternatives such as business combinations, the sale of the company, a merger or a sale, license or disposition of assets of the company.

In announcing the process, Maxim Webb, Chairman of the Board, President and Chief Executive Officer of PICO said, "For more than a year, the Company has made significant progress streamlining its focus of operations and cost structure by reducing overhead, and selling its agribusiness, real estate, and oil and gas operations. These actions have resulted in the Company's primary remaining asset and operation being Vidler Water Company."

The Board has not set a definitive timetable for this process of exploring strategic alternatives. There can be no assurance that this review process will result in strategic alliances, a sale transaction or other strategic alternatives of any kind.

In connection with this process, the Company also announced that on September 28, Andrew Cates resigned as a member of the Board of Directors, effective immediately, in order to allow him to focus more fully on his business. As part of this transition, on September 29, the Board appointed Eric Speron Chairman of the Compensation Committee.