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
March 5, 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
------------- --------------
(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)
1
<PAGE>
FORM 8-K, March 5, 1999
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 5. Other Events
On December 28, 1998, Consolidated-Tomoka Land Co., the
registrant, announced the signing of an agreement for
the sale of its citrus business, Lake Placid Groves.
Several significant contingencies which could have
precluded the agreement from moving forward to closing
have been resolved to the satisfaction of the Buyers and
Registrant. The inspection period has ended and the
sale is scheduled for closure no later than April 8,
1999. The agreement provides for a sales price of
$30,945,000 payable substantially in cash, which price
was determined by arms-length negotiations.
The final sales amount is subject to post-closing
adjustments which should not materially
affect the stated sales price.
As previously reported in Form 8-K, filed December 28, 1998,
the assets subject to sale include 3,300 acres of citrus groves, a
fresh fruit packing plant and all the equipment and rolling
stock associated with the business. The buyers are
Alton D. Rogers, Lake Placid, Florida, and H. Wade
Walker, Lake Wales, Florida.
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 of the undersigned thereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
Date: March 5, 1999 By:/s/ Bob D. Allen
____________________________
Bob D. Allen, President
and Chief Executive Officer
Date: March 5, 1999 By:/s/ Bruce W. Teeters
_____________________________
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
2
<PAGE>
