SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
AMENDMENT NO. 1
Under the Securities Exchange Act of 1934
Killearn Properties, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class and Securities)
494125107
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(CUSIP Number of Class of Securities)
O. Mason Hawkins
William Reid Sanders
c/o Southeastern Asset Management, Inc.
6075 Poplar Avenue; Suite 900
Memphis, TN 38119
(901) 761-2474
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 24, 1997
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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 which is the subject of this
Statement and is filing this Schedule because of Rule 13d-1(b)(3)
or (4), check the following box: [ ]
CUSIP No. 494125107 13D
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(1) NAMES OF REPORTING PERSONS
O. Mason Hawkins S.S. No. ###-##-####
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a)
(b) X
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS
PF
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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
Citizen of United States
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:(7) SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY : 41,500
OWNED BY EACH REPORTING PERSON --------------------------------
WITH :(8) SHARED VOTING POWER
: 40,500
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:(9) SOLE DISPOSITIVE POWER
: 41,500
--------------------------------
:(10) SHARED DISPOSITIVE POWER
: 40,500
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
82,000
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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
9.3 %
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(14) TYPE OF REPORTING PERSON
IN
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CUSIP No. 494125107 13D
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(1) NAMES OF REPORTING PERSONS
William Reid Sanders S.S. No. ###-##-####
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
(a)
(b) X
- -------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------
(4) SOURCE OF FUNDS
PF
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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
Citizen of United States
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:(7) SOLE VOTING POWER
NUMBER OF SHARES BENEFICIALLY : 50,000
OWNED BY EACH REPORTING PERSON --------------------------------
WITH :(8) SHARED VOTING POWER
: None
--------------------------------
:(9) SOLE DISPOSITIVE POWER
: 50,000
--------------------------------
:(10) SHARED DISPOSITIVE POWER
: None
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000
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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
5.6 %
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(14) TYPE OF REPORTING PERSON
IN
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Purpose of Amendment No. 1
This Amendment No. 1 to Schedule 13D relating to the common stock
(the "Securities") of Killearn Properties, Inc. (the "Issuer")
attributable to the filing parties is being made to amend and
restate the information contained in the original filing on
Schedule 13D with respect to ITEMS 2, 5, and 6.
ITEM 2. The address of Southeastern Asset Management, Inc.,
("Southeastern"), the employer of Messrs. Hawkins and Sanders, is
now 6075 Poplar Ave., Suite 900, Memphis, TN 38119. Mr. O. Mason
Hawkins is a Director and is Chairman of the Board and Chief
Executive Officer of Southeastern.
ITEM 5. The number of shares of the Securities of the Issuer
presently outstanding have declined from the number outstanding at
the time of the original filing on Schedule 13D, thereby increasing
the ownership percentages of the filing parties as originally
reported, with the new percentages being as follows:
(a) and (b) (i). Mr. O. Mason Hawkins and his wife, Mrs. Ann
B. Hawkins: 40,500 shares, or approximately 4.6% of the
shares outstanding.
(a) and (b) (ii). Mr. O. Mason Hawkins, individually: 41,500
shares, or approximately 4.7% of the shares outstanding.
(a) and (b) (ii). Mr. William Reid Sanders: 50,000 shares, or
approximately 5.6% of the shares outstanding.
ITEM 6. The filing parties separately but not jointly have each
entered into a put and call agreement with Proactive Technologies,
Inc. ("Proactive") which allows Proactive to purchase or each of
the filing parties separately to put to Proactive the Securities
held by each filing party, in the aggregate amounting to 132,000
shares of common stock of the Issuer or approximately 14.9% of the
outstanding Securities, at a price of $9.50 per share, such
separate agreements expiring on June 24, 1998.
SIGNATURES
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 5, 1998
O. MASON HAWKINS WILLIAM REID SANDERS
/s/ O. Mason Hawkins /s/ William Reid Sanders
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Joint Filing Agreement
In accordance with Rule 13d-1(f) under the Securities Exchange Act
of 1934, the persons or entities named below agree to the joint
filing on behalf of each of them of this Schedule 13D with respect
to the Common Stock of Killearn Properties, Inc., and further agree
that this joint filing agreement be included in this filing. In
evidence thereof, the undersigned hereby execute this Agreement on
the 5th day of January, 1998
O. MASON HAWKINS WILLIAM REID SANDERS
/s/ O. Mason Hawkins /s/ William Reid Sanders
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