Page 1 of 3 pages
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 14, 1998
SOUTHWARD VENTURES DEPOSITARY TRUST
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(Exact Name of Registrant as Specified in its Charter)
FLORIDA 2-77085 59-6737200
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(State or other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
C/O GINO J. DIMARCO, TRUSTEE
2900 HIGH RIDGE ROAD, BOYNTON BEACH, FLORIDA 33426
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code (561) 582-2755
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ITEM I
CHANGES IN CONTROL OF REGISTRANT
On December 14, 1998, a Purchase and Sales Agreement (hereinafter
referred to as the "Agreement") was executed by Pentelle Investments Inc. and
T.D. Fender, who is the sole Shareholder and President of Southward Acquisition
Corporation. Southward Acquisition Corporation is the owner of 21,103 units of
beneficial interest of the Registrant which constitutes 73.44% of its
outstanding post-exchange units (assuming all unit holders entitled to complete
the exchange program eventually do so). The Agreement provides for the sale of
the units of beneficial interest owned by Southward Acquisition Corporation for
a purchase price of $1,000,000. Although the ownership of the units of
beneficial interest transferred at the time of the closing on December 14, 1998,
all of the units of beneficial interest are subject to a Pledge and Escrow
Agreement until the entire purchase price is paid on or before January 14, 1999.
Accordingly, a change of control of the Registrant has now occurred
subject to the provisions of the Agreement and the Pledge and Escrow Agreement.
EXHIBITS
None
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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, thereunto duly authorized.
SOUTHWARD VENTURES DEPOSITARY TRUST
(Registrant)
BY: /s/ GINO J. DIMARCO, TRUSTEE
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GINO J. DiMARCO, Trustee
Dated: December 21, 1998
