UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Flowers, J. Christopher
c/o Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
2. Issuer Name and Ticker or Trading Symbol
Enstar Group, Inc.
ESGR
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
12/31/1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock | | | | | |23,820 |D | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option (right to b|$10.8125|5/20/|A |25,000 |A |01 |1/1/2|Common Stock|25,000 | |25,000 |D | |
uy) | |97 | | | | |007 | | | | | | |
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Stock Units | |9/20/|A |206.1856 |A |02 |02 |Common Stock|206.185|$12.125| |D | |
| |97 | | | | | | |6 | | | | |
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Stock Units | |10/1/|A |404.0404 |A |02 |02 |Common Stock|404.040|$12.375|610.226 |D | |
| |97 | | | | | | |4 | | | | |
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</TABLE>
Explanation of Responses:
01: These options were granted to the Reporting Person pursuant to the Enstar
Group, Inc. 1997 Amended Outside
Director's Stock Option Plan. The options become exercisable in five equal
installments on 6/30/97, 1/1/98, 1/1/99,
1/1/00 and
1/1/01.
02: These stock units were accrued under the Enstar Group, Inc. Deferred
Compensation and Stock Plan for
Non-Employee Directors and are to be settled in a lump sum distribution within
30 days after the termination of the
Reporting Person's services on the Board of
Directors.
SIGNATURE OF REPORTING PERSON
By: s/ Hans L. Reich Attorney-in-fact
DATE
February 9, 1998
