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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
CT COMMUNICATIONS, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
126426402
(CUSIP Number)
June 29, 1999
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 5 pages
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CUSIP No. 126426402 13G Page 2 of 5 Pages
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOs. OF ABOVE PERSONS
The Cannon Foundation, Inc.
56-6042532
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
North Carolina, U.S.A.
NUMBER OF 5. SOLE VOTING POWER
SHARES
BENEFICIALLY 320,988
OWNED BY
EACH 6. SHARED VOTING POWER
REPORTING None
PERSON
WITH 7. SOLE DISPOSITIVE POWER
320,988
8. SHARED DISPOSITIVE POWER
None
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
320,988
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.4%
12. TYPE OF REPORTING PERSON
CO
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CUSIP No. 126426402 13G Page 3 of 5 Pages
Item 1.
(a) Name of Issuer: CT Communications, Inc.
(b) Address of Issuer's Principal Executive Offices:
68 Cabarrus Avenue East
P.O. Box 227
Concord, North Carolina 28025
Item 2.
(a) Name of Person Filing: The Cannon Foundation, Inc.
(b) Address of Principal Business Office:
57 Union Street South
Concord, North Carolina 28205
(c) Citizenship: The Cannon Foundation is a North Carolina
corporation.
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number: 126426402
Item 3. If this statement is filed pursuant to (S)(S) 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a)_____ Broker or Dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b)_____ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)_____ Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d)_____ Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e)_____ An investment adviser in accordance with (S)
240.13d-1(b)(1)(ii)(E);
(f)_____ An employee benefit plan or endowment fund in accordance with
(S)240.13d-1(b)(1)(ii)(F).
(g)_____ A parent holding company or control person in accordance with
(S)240.13d-1(b)(ii)(G);
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CUSIP No. 126426402 13G Page 4 of 5 Pages
(h)_____ A savings association as defined in section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)_____ A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j)_____ Group, in accordance with (S)240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to (S)240.13d-1(c), check this box [X].
Item 4. Ownership.
(a) Amount beneficially owned:
320,988 shares may be deemed beneficially owned within the
meaning of Rule 13d-3 of the Securities Exchange Act of 1934
by The Cannon Foundation, Inc.
(b) Percent of Class:
3.4%
(c) For information on voting and dispositive power with respect
to the above listed shares, see Items 5-8 of the Cover Page.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following: [x ]
Item 6. Ownership of more than Five Percent on Behalf of Another
Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Not Applicable.
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CUSIP No. 126426402 13G Page 5 of 5 Pages
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
Item 9. Notice of Dissolution of Group.
Not Applicable.
Item 10. Certification.
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
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.
DATE: 1/4/00
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THE CANNON FOUNDATION, INC.
By: /s/ Dan L. Gray
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Dan L. Gray
Executive Director
