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PURE CYCLE CORP Director's Dealing 2008

Mar 24, 2008

33442_dirs_2008-03-24_eb51a276-4f5d-4f09-addc-20dddd1a5203.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PURE CYCLE CORP (pcyo)
CIK: 0000276720
Period of Report: 2008-03-19

Reporting Person: PAR INVESTMENT PARTNERS LP (Director, 10% Owner)
Reporting Person: PAR Group, L.P. (Director, 10% Owner)
Reporting Person: PAR CAPITAL MANAGEMENT INC (Director, 10% Owner)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2008-03-19 Common Stock P 283100 $5.5 Acquired 3070238 Direct
2008-03-19 Common Stock P 283100 $5.5 Acquired 3070238 Indirect
2008-03-19 Common Stock P 283100 $5.5 Acquired 3070238 Indirect
2008-03-20 Common Stock P 9699 $5.2002 Acquired 3070238 Direct
2008-03-20 Common Stock P 9699 $5.2002 Acquired 3070238 Indirect
2008-03-20 Common Stock P 9699 $5.2002 Acquired 3070238 Indirect
2008-03-20 Common Stock P 10000 $5.1805 Acquired 3070238 Direct
2008-03-20 Common Stock P 10000 $5.1805 Acquired 3070238 Indirect
2008-03-20 Common Stock P 10000 $5.1805 Acquired 3070238 Indirect
2008-03-20 Common Stock P 147000 $5.252 Acquired 3070238 Direct
2008-03-20 Common Stock P 147000 $5.252 Acquired 3070238 Indirect
2008-03-20 Common Stock P 147000 $5.252 Acquired 3070238 Indirect

Footnotes

F1: These securities are held directly by PAR Investment Partners, L.P. ("PIP").

F2: These securities are held directly by PIP. PAR Group, L.P. ("PAR Group") is the general partner of PIP. PAR Group disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PAR Group's general partner interest in PIP and the contingent right to receive a performance-based advisory fee from PIP.

F3: These securities are held directly by PIP. PAR Capital Management, Inc. ("PCM") is the general partner of PAR Group which is the general partner of PIP. PCM disclaims beneficial ownership of these securities except to the extent of the pecuniary interest, if any, in such securities as a result of PCM's general partner interest in PAR Group.