UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 7)
Merry Land Properties, Inc.
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(Name of Issuer)
Common Stock (no par value)
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(Title of Class of Securities)
590441
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(CUSIP Number)
Mark S. Burgreen, Esq.
Hull, Towill, Norman, Barrett & Salley P.C.
P. O. Box 1564, Augusta, GA 30903
(706) 722-4481
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
January 19, 2000
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check
the following box: [ ]
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Page 1 of 6 Pages
CUSIP No.: 590441 Page 2 of 6
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(1) Name of Reporting Person W. Tennent Houston
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S.S. or I.R.S. Identification No. of above person (Entities
Only)
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(2) Check the appropriate box if a member of a group
(a) [ ]
(b) [ ]
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(3) SEC use only
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(4) Source of Funds (See Instructions) OO
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(5) Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization
United States
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<TABLE>
<CAPTION>
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<S> <C> <C>
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Number of (7) Sole Voting Power 589,532
Shares --------------------------------------------------------------
Beneficially (8) Shared Voting Power 0
Owned by --------------------------------------------------------------
Each (9) Sole Dispositive Power 589,532
Reporting --------------------------------------------------------------
Person With (10) Shared Dispositive Power 0
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</TABLE>
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
589,532
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares [ ]
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(13) Percent of Class Represented by Amount in Row (11)
22.66%
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(14) Type of Reporting Person (See Instructions)
IN
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CUSIP No.: 590441 Page 3 of 6
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ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock, no par value (the "Common
Stock") of Merry Land Properties, Inc., a Georgia corporation (the
"Company"). The principal executive offices of the Company are located at
624 Ellis Street, Augusta, Georgia 30901.
ITEM 2. IDENTITY AND BACKGROUND
This statement is filed by W. Tennent Houston, whose business address
is 624 Ellis Street, Augusta, Georgia 30901. Mr. Houston is presently the
Chairman of the Board and Chief Executive Officer of the Company. Mr.
Houston is also the sole Trustee of the Company's Employee Stock Ownership
Plan ("ESOP").
During the last five years, Mr. Houston has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors),
or been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction which resulted in him being subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or being found in violation with respect to such laws.
Mr. Houston is a citizen of the United States of America.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The Amendment relates to 81,540 shares of Common Stock purchased by
Mr. Houston as Trustee of the ESOP with funds contributed or loaned to the
ESOP by the Company,and which shares have not been allocated to the account
of any Company employee. This Amendment also reflects 14,769 previously
unallocated shares of Common Stock in the Company's ESOP plan which were
allocated to plan participants, of which 3,940 shares of Common Stock were
allocated to the ESOP account of Mr. Houston.
This Amendment also reflects a change in the form of Mr. Houston's
beneficial ownership of 204,276 shares of Common Stock which were
transferred by Mr. Houston individually, without consideration, to Houston
Family Partnership, LLLP, of which Mr. Houston is sole general partner.
ITEM 4. PURPOSE OF TRANSACTION
All of the shares of Common Stock beneficially owned by Mr. Houston
individually are held for investment. Mr. Houston may, from time to time,
depending upon market conditions, liquidity needs and other investment
considerations, purchase additional shares of common stock for investment
or dispose of shares of Common Stock. As an officer and director of the
Company, Mr. Houston expects to regularly explore potential actions and
No.: 590441 Page 4 of 6
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transactions which may be advantageous to the Company, including, but not
limited to, possible acquisitions, dispositions, reorganizations, mergers,
or other material changes in the CUSIP
business, corporate structure, management, policies, governing instruments,
capitalization, securities or regulatory or reporting obligations of the
Company. Except as noted above, Mr. Houston has no plans or proposals
which would relate to or result in any of the matters referred to in
paragraphs (a) through (g) of the instructions to Item 4 of Schedule 13D.
All of the shares of Common Stock held by Mr. Houston in his capacity as
the Trustee of the ESOP are held solely in a fiduciary capacity for the
benefit of the participants of the ESOP. The purpose of the ESOP is to
attempt to align the interests of the Company's employees with those of the
Company's shareholders by providing stock ownership interests to the
employees. The ESOP may purchase, distribute to participants, or dispose of
shares of Common Stock depending upon market conditions, liquidity needs,
participant distribution, allocation or investment rights, or other
investment considerations.
ITEM 5. INTEREST IN SECURITIES OF ISSUER
(a) Mr. Houston beneficially owns an aggregate of 589,532 shares of
the Company's Common Stock, constituting 22.66% of the number of shares of
such common stock outstanding on the date hereof.
(b) Mr. Houston has the sole power to vote or direct the vote, and the
sole power to dispose or direct the disposition of all shares of Common
Stock beneficially owned by Mr. Houston.
(c)The Amendment relates to shares of Common Stock acquired by the
ESOP on the open market through a broker as follows:
DATE NO. OF SHARES PRICE PER SHARE
12/7/99 5,000 $5.50
12/16/99 5,000 $5.13
12/16/99 5,000 $5.25
1/19/00 66,540 $5.00
This amendment also relates to 14,769 previously unallocated shares of
the Common Stock in the Company's ESOP plan which were allocated to plan
participants in 1999, of which 3,940 shares were allocated to the ESOP
account of Mr. Houston.
This amendment also relates to a change in the form of Mr. Houston's
beneficial ownership of 204,276 shares of the Common Stock which were
transferred by Mr. Houston individually, without consideration, to Houston
Family Partnership, LLLP, of which Mr.
CUSIP No.: 590441 Page 5 of 6
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Houston is sole general partner. Mr. Houston remains the beneficial owner
of these shares and has the sole voting power and sole power of
disposition.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The rights of the participants of the ESOP with respect to the 267,097
unallocated shares of Common Stock held by Mr. Houston as
Trustee of the ESOP are further described in the terms of the ESOP, which
is incorporated by reference to Exhibit 10.3 of the Company's Form 10-K
filed March 31, 1999.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
<PAGE>
Page 6 of 6
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete
and correct.
Dated: January 26, 2000
/S/W. TENNENT HOUSTON
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Signature
W. Tennent Houston
