SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
May 10, 1999
Date of Report
(Date of earliest
event reported)
CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
0-5556 59-0483700
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(Commission File Number) (IRS Employer
Identification Number)
149 South Ridgewood Avenue
Daytona Beach, FL 32114
(Address of principal executive offices) (Zip Code)
(904 255-7558)
(Registrant's telephone number, including area code)
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FORM 8-K, May 10, 1999
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 5. Other Events
On May 5, 1999 the Board of Directors of Consolidated-Tomoka
Land Co.agreed to consider implementing a stock buyback program
or making a self-tender offer using, among other funds,
the net proceeds received from the recent sale of its citrus
properties, in the event that the preliminary plan of Baker,
Fentress & Company to distribute Consolidated-Tomoka shares
to its shareholders is implemented.
Baker Fentress announced on May 6, 1999, that its Board of
Directors has approved a preliminary plan intended
to increase shareholder value. The plan, which is subject
to further Board action and to shareholder approval, is
expected to include, among other elements, distribution to
the Company's shareholders of the Company's approximately
79% interest in Consolidated Tomoka.
As previously reported, Consolidated Tomoka completed the sale
of its citrus business, Lake Placid Groves, on April 7, 1999.
The sale for $30,945,000 generated an approximate gain of $8,000,000
and cash flow of $22,000,000 after income taxes. The cash proceeds
from the sale have been invested in short term investments
and, therefore, would be available for any stock buyback program or
self-tender offer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
Date: May 10, 1999 /s/ Bob D. Allen
----------------------------
Bob D. Allen, President
and Chief Executive Officer
Date: May 10, 1999 /s/ Bruce W. Teeters
----------------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
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