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
Date of Report (Date of earliest event reported) July 13, 2000
______________________________
ALICO, INC.
______________________________________________________________________________
(Exact name of registrant as specified in its charter)
Florida 0-261 59-0906081
______________________________________________________________________________
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Post Office Box 338, La Belle, Florida 33975
______________________________________ _______________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (863) 675-2966
_________________________
Item 5. Other Events.
Incorporated by reference is a press release issued by the
Registrant on July 13, 2000, attached as Exhibit 01, providing information
concerning the Registrant's announcement of its' disposition of land in Lee
County, Florida.
Item 7. Financial Statements and Exhibits.
( c ) Exhibit
Exhibit 01 - Press release issued July 13, 2000.
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 hereunto duly authorized.
ALICO, INC.
(Registrant)
/s/ W. BERNARD LESTER
July 13, 2000 By________________________________________
______________ W. Bernard Lester, President
Date (Signature)
EXHIBIT INDEX
_______________
Exhibit
Number Description
____________ ______________
01 Press release issued July 13, 2000
FOR IMMEDIATE RELEASE
Contact: W. Bernard Lester, President
Alico, Inc.
(863) 675-2966
ALICO ANNOUNCES LEE COUNTY PROPERTY DISPOSITION
La Belle, FL. (July 13, 2000) -- Ben Hill Griffin III, Chief Executive
Officer and Chairman of the Board of Alico, Inc. (ALCO),
announced today that a prospective purchaser of 2,500 acres of land,
in Lee County, Florida, chose not to close on the property. The sales
contract announced in April, 2000, was for $34 million and covered
land located north of Florida Gulf Coast University on the north side of
Alico Road. Mr. Griffin stated that, "While we are disappointed about
the decision of the prospective buyer, we are confident that the property's
marketability is such that it's sales potential is very favorable."
The Chairman also announced the formation of Agri-Insurance
Company, Ltd., a wholly owned subsidiary of Alico, Inc. The Board of
Directors approved the inception of the insurance company and funded it's
capital by transferring cash and approximately 3,000 acres of Alico, Inc.'s
Lee County property. Included in the transfer are the 2,500 acres referred
to above. There are currently sales contracts for approximately 700 of
the acres totaling $18.6 million. The contracts, while still subject to the
buyers' due diligence efforts, have also been assigned to the subsidiary.
In connection with the transaction, Mr. Griffin stated, "We are pleased
that we will now have the opportunity to insure our risk of catastrophic
crop loss. Through Agri-Insurance Company, Ltd., we will not only be
able to underwrite previously uninsurable risk; we will have access to
re-insurance markets otherwise inaccessible. It is anticipated that Agri-
Insurance Company will begin writing coverages before the end of the year 2000.
In subsequent years, we will gradually expand the use of Agri-Insurance
Company into other aspects of our insurance programs. For calendar year
2000, Agri-Insurance Company is projected to incur little or no tax
liability. This is expected to result from a careful integration into our
business operations and underwriting safeguards against initial
catastrophic risk exposures."
