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Securities and Exchange Commission
Washington, D.C.
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): March 1, 1994
AMREP CORPORATION
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(Exact name of registrant as specified in charter)
Oklahoma 1-4702 59-0936128
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
10 Columbus Circle, New York, New York 10019
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 541-7300
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AMREP CORPORATION
Form 8-K
Current Report
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
Reference is made to the information set forth under Item 5 of this
Report.
ITEM 5. OTHER EVENTS
On August 4, 1993, pursuant to an agreement with Nick G. Karabots and
two corporations owned by him, the Registrant acquired for its Kable News
Company subsidiary various present and future rights to distribute magazines,
and in payment issued a total of 575,593 shares of the Registrant's common
stock. Such shares are beneficially owned by Mr. Karabots. As part of its
agreement with Mr. Karabots, the Registrant (i) proposed him for election, and
he was elected, to the Board of Directors at Registrant's Annual Meeting of
Shareholders held September 23, 1993, and (ii) agreed, subject to certain
exceptions, that so long as he owns at least one-half of the common stock issued
in the transaction the Registrant will propose him for election at each meeting
of shareholders for the election of directors until July 2003, unless he is
already in a Class of the Board whose term continues beyond such meeting.
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Mr. Karabots has reported that he acquired in the open market the
beneficial ownership of an additional 13,000 shares of Registrant's common stock
in December 1993; that on March 1, 1994, he purchased from Peter B. Bedford an
additional 1,196,320 shares; and that he now owns beneficially 1,784,913 shares,
approximately 24.5% of the outstanding shares. Mr. Karabots also has reported
that (i) the shares acquired in December were purchased by a corporation of
which he is the controlling shareholder and that such corporation used its
general corporate funds to make the purchases and (ii) he used a combination of
personal funds and funds borrowed from entities which he controls to acquire
the shares from Mr. Bedford.
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.
AMREP Corporation
Date: March 8, 1994 By /s/ Rudolph J. Skalka
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Vice President
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