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Subsequent Events
3 Months Ended
May 03, 2014
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On May 30, 2014, PGP Gardendale, LLC, a wholly owned subsidiary of the Company, entered into a $17.3 million loan agreement with Protective Life Insurance Company for the purposes of financing PGP Gardendale's real estate development and leasing operations. The loan is funded in increments with a first funding, as of May 30, 2014, in the principal amount of $5 million. Subsequent funding of the remaining $12.3 million balance is subject to PGP Gardendale's satisfaction of the lenders disbursement conditions. The loan matures on June 1, 2034 and bears a fixed interest rate of 5.00%.
As reported on Form 8K filed on June 5, 2014 and June 6, 2014, the Company entered into agreements to purchase 655,596 and 309,200 shares, respectively, of common stock of the Company at a price of $2.15 per share from a single stockholder. This price represented a $0.03 discount from the closing price of the Company's common stock on the NASDAQ Stock Market on June 4, 2014. The repurchase was approved by the Company's Board of Directors and completed as of June 11, 2014.