Item 8.01 OTHER EVENTS





On April 6, 2020, Pope Resources, A Delaware Limited Partnership
("Pope") commenced mailing to its unitholders a definitive proxy
statement/prospectus (the "definitive proxy statement") in respect of its
previously announced pending business combination transaction with Rayonier Inc.
("Rayonier") pursuant to the Agreement and Plan of Merger, dated as of January
14, 2020, as amended by Amendment No. 1, dated as of April 1, 2020 (as amended
and as may be further amended from time to time, the "merger agreement"), by and
among Rayonier, Rayonier Operating Company LLC, Rayonier, L.P. ("Opco"),
Rayonier Operating Company Holdings, LLC, Pacific GP Merger Sub I, LLC, Pacific
GP Merger Sub II, LLC, Pacific LP Merger Sub III, LLC ("Merger Sub 3"), Pope,
Pope MGP, Inc. and Pope EGP, Inc. Pursuant to the merger agreement, Merger Sub 3
will merge with and into Pope, with Pope surviving as an indirect wholly owned
subsidiary of Opco (such transaction, the "merger").
Also on April 6, 2020, Pope and Rayonier commenced mailing to the unitholders of
Pope election forms and letters of transmittal (and instructions thereto) in
connection with the proposed merger. In accordance with the merger agreement,
each Pope unit outstanding immediately prior to the effective time of the merger
will be converted into, at the option of its holder and subject to proration
described in the merger agreement, (i) 3.929 shares of common stock, no par
value, of Rayonier ("Rayonier shares") (such election, the "stock election"),
(ii) 3.929 units of Opco ("Opco units") (such election, the "Opco election") or
(iii) $125.00 in cash, subject to applicable withholding tax and without
interest (such election, the "cash election" and each of the cash election, the
stock election and the Opco election, an "election"). Elections are subject to
proration to ensure that the aggregate amount of Rayonier shares and Opco units,
on the one hand, and cash, on the other hand, that will be issued in the merger
will equal the amounts issued as if every Pope unit converted into merger
consideration received 2.751 Rayonier shares or Opco units and $37.50 in cash.
In addition, Pope unitholders that make the cash election will have the right to
elect, in the event that the cash election is oversubscribed and is therefore
subject to proration, whether each Pope unit for which they have made a cash
election is prorated into (i) a combination of cash and Rayonier shares or (ii)
a combination of cash and Opco units.
The election form provides that unitholders may make the elections described
above with respect to each of their units, which elections and the merger
generally are more further described in the definitive proxy statement. If a
valid election with respect to a Pope unit is not received by Rayonier's
exchange agent by the election deadline of 5:00 p.m., Eastern Time, on May 5,
2020, unitholders will be deemed to have made the stock election with respect to
their units. Accordingly, unitholders should submit their election materials as
soon as possible.
Copies of the form of the election form and instructions are attached hereto as
Exhibits 99.1 and 99.2, respectively.
The summary information set forth in this Item 8.01 is not complete and is
subject in its entirety to the complete text of the election form and the
instructions, which are incorporated herein by reference.
Additional Information and Where to Find It
On April 6, 2020, Pope filed with the Securities and Exchange Commission ("SEC")
a definitive proxy statement/prospectus and other documents relating to a
special meeting of the unitholders seeking approval of the merger agreement, the
merger and the other transactions contemplated by the merger agreement.
Investors are urged to read the proxy statement/prospectus, including any
amendments and supplements thereto, because they contain important information.
Unitholders may obtain free copies of the proxy statement/prospectus and, when
available, any other documents filed with the SEC in connection with the
proposed merger, at the SEC's website at www.sec.gov. The proxy
statement/prospectus and other documents relating to the merger may also be
obtained free of charge by visiting Pope's website at
http://www.poperesources.com and going to the Investors tab. Information
provided on Pope's website is not incorporated into this report or any other
filing by Pope with the SEC.
This communication is not a solicitation of a proxy from any security holder of
Pope. However, Pope, Rayonier and certain of their respective directors and
executive officers may be deemed to be participants in the solicitation of
proxies from Pope's unitholders in connection with the proposed transaction.
Information about Pope's directors and executive officers and their beneficial
ownership of Pope's securities may be found in its Annual Report on Form 10-K
for the period ended December 31, 2019, filed with the SEC on February 28, 2020.
This document and other documents relating to Pope and the proposed merger can
be obtained free of charge from the SEC website at www.sec.gov, or on Pope's
website at www.poperesources.com under the "Investor Relations" tab. Information
provided on Pope's website is not incorporated into this report or any other
filing by Pope with the SEC.


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Cautionary Note Regarding Forward-Looking Statements The proposed merger and the related transactions are subject to various risks and uncertainties. These risks and uncertainties include, among others: (i) the ability of the parties to successfully complete the proposed acquisition on anticipated terms and timing, including obtaining required unitholder and regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the new combined company's operations and other conditions to the completion of the acquisition; (ii) risks relating to the integration of Pope's operations and employees into Rayonier and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; (iii) the outcome of any legal proceedings related to the proposed mergers; (iv) access to available financing, including for the refinancing of Pope's and Rayonier's debt on a timely basis and reasonable terms; (v) the loss of key senior management or other associates; (vi) the cyclical and competitive nature of the industries in which the parties operate; (vii) fluctuations in demand for, or supply of, Rayonier's, Opco's and Pope's forest products and real estate offerings; (viii) entry of new competitors into Rayonier's, Opco's and Pope's markets; changes in global economic conditions and world events; fluctuations in demand for Rayonier's, Opco's and Pope's products in Asia, and especially China; (ix) various lawsuits relating to matters arising out of Rayonier's previously announced internal review and restatement of Rayonier's consolidated financial statements; (x) the uncertainties of potential impacts of climate-related initiatives; (xi) the cost and availability of third party logging and trucking services; (xii) the geographic concentration of a significant portion of the combined company's timberland; (xiii) the ability to identify, finance and complete timberland acquisitions; (xiv) changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, and endangered species, that may restrict or adversely impact the ability to conduct business, or increase the cost of doing so; (xv) adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires, which can adversely affect timberlands and the production, distribution and availability of products; (xvi) interest rate and currency movements; (xvii) Rayonier's, Opco's or Pope's capacity to incur additional debt; (xviii) changes in tariffs, taxes or treaties relating to the import and export of timber products or those of the products of competitors; (xix) changes in key management and personnel; (xx) the ability to meet all necessary legal requirements for Rayonier to continue to qualify as a real estate investment trust and changes in tax laws that could adversely affect beneficial tax treatment; (xxi) the cyclical nature of the real estate business generally; (xxii) a delayed or weak recovery in the housing market; (xxiii) the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida, which also may be affected by changes in law, policy and political factors beyond Rayonier's, Opco's and Pope's control; (xxiv) unexpected delays in the entry into or closing of real estate transactions; (xxv) changes in environmental laws and regulations that may restrict or adversely impact the ability to sell or develop properties; (xxvi) the timing of construction and availability of public infrastructure; (xxvii) and the availability of financing for real estate development and mortgage loans; (xxviii) the effect of the COVID-19 pandemic and related economic consequences, including the potential effects of such events on the market for timber products and general economic and political conditions (including debt and equity capital markets); (xxix) the potential impact of the announcement of the proposed transaction or consummation of the proposed transaction on relationships, including with employees and customers; (xxx) the unfavorable outcome of any legal proceedings that have been or may be instituted against Rayonier, Opco or Pope; (xxxi) the amount of the costs, fees, expenses and charges related to the proposed transaction and the actual terms of the financings that may be obtained in connection with the proposed transaction; and (xxxii) the risk that the stock price of Rayonier shares may change prior to the merger effective time. Readers should also review the risks generally applicable to Pope's business, included in the section entitled "Risk Factors" in Pope's Annual Report on Form 10-K for the period ended December 31, 2019, filed with the SEC on February 28, 2020. The forward-looking statements contained in this communication speak only as of the date hereof. Although the expectations in the forward-looking statements are based on the current beliefs and expectations of Pope and its general partners, readers should use caution not to place undue reliance on any such forward-looking statements because such statements speak only as of the date hereof. Except as required by federal and state securities laws, Pope undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or any other reason. All forward-looking statements attributable to Pope or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication and in Pope's future periodic reports and other documents filed with the SEC. In light of these risks, uncertainties and assumptions, the forward- looking events discussed in this communication, including without limitation the merger and the related transactions, may not occur.


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Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS





Exhibit No. Description
99.1          Election Form and Letter of Transmittal

99.2 Election Form Instructions

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