Corporate Report: May 4

Alico selling land in Frostproof to Griffin
Fort Myers-based Alico Inc. is selling two parcels of land totaling 4,020 acres in Polk County. The sales price of the two properties is $10.1 million in cash and will likely result in a pre-tax gain of $9.2 million in the third quarter of fiscal 2012.

Ben Hill Griffin III, the brother-in-law of John R. Alexander, Alico's chairman, and Ben Hill Griffin Inc. were the buyers. The transactions were referred to and approved by Alico's Audit Committee, which is comprised of independent directors.
Both parcels were considered by Alico to be surplus to its agricultural operations.

The first parcel of 3,635 acres is located in Frostproof, and its purchase price was $9.1 million, or $2,500 per acre. Alico recorded a deposit for the parcel of $200,000. The sales contract was entered into mid-April, and Ben Hill Griffin III is scheduled to close and take possession no later than June 12.