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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 16, 1998
THE ENSTAR GROUP, INC.
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(Exact name of registrant as specified in its charter)
Georgia 0-7477 63-0590560
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State of other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation Identification No.)
172 COMMERCE ST 3RD FLOOR MONTGOMERY, AL 36104
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(Address of principal executive offices) (Zip Code)
(334) 834-5483
(Telephone number, including area code, of registrant)
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
The Enstar Group, Inc. (the "Company") sold, through market transactions on
July 16 and 17, 1998 by Sterne, Agee & Leach, Inc., 50,000 shares of common
stock of First Union Corporation ("First Union") at approximately $50 per share
and 155,000 shares of First Union at approximately $55 per share. These sales,
aggregating 205,000 shares, were sold in conjunction with the exercise of call
options previously sold by the Company. Total proceeds, net of commissions, to
the Company were approximately $11 million, resulting in a realized gain of
approximately $8.8 million. Additionally, the Company has recognized a
cumulative loss of approximately $2 million on mark-to-market adjustments on
such call options through the date of the sale. Following the sale, the Company
holds 1,027,307 shares of common stock of First Union.
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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.
THE ENSTAR GROUP, INC.
(Registrant)
Date: July 29, 1998 By: /s/ Nimrod T. Frazer
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Nimrod T. Frazer
Chairman, President and Chief
Executive Officer
