Vote Scheduled on Sale of Newhall Resources’ Assets

Newhall Resources’ unit holders are scheduled to vote Jan. 31 on the sale of most of the energy company’s assets to Newhall Land & Farming for about $26.4 million. Unit holders of record Dec. 27 are eligible to vote.

The proposed sale, which would be followed by the dissolution of Newhall Resources, calls for Newhall Resources’ unit holders to be paid about $6 per unit. Newhall Resources has 4.4 million units outstanding.

Newhall Land, a real estate and agriculture concern that is developing the community of Valencia, and Newhall Resources are both Valencia-based limited partnerships whose investment units trade on the New York Stock Exchange.

Newhall Resources was created in 1983 when Newhall Land spun off its oil and gas assets. Newhall Land is repurchasing the assets mainly to acquire mineral rights in the Valencia area, which would help accelerate development of the community.