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UNITED STATES
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) December 16, 1998
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PICO HOLDINGS, INC.
(Exact name of registrant as specified in charter)
California 0-18786 94-2723335
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
875 Prospect Street, Suite 301, La Jolla, California 92037
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (619) 456-6022
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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.
On December 16, 1998 PICO Holdings, Inc. and Global Equity Corporation
announced that PICO Holdings, Inc. had completed the acquisition of
Global Equity Corporation. PICO Holdings, Inc. also announced that on
December 17, 1998 its shares would trade on the basis of the
one-for-five reverse stock split.
A copy of the press release relating to this public announcement is
attached hereto as Exhibit 99.
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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.
PICO HOLDINGS, INC.
Date: December 22, 1998 By: /s/ Gary W. Burchfield
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Gary W. Burchfield
Chief Financial Officer and Treasurer
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EXHIBITS INDEX
Exhibit Number Description
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99. December 16, 1998 Joint Press Release between PICO Holdings,
Inc. and Global Equity Corporation
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EXHIBIT 99.
NEWS RELEASE
FOR IMMEDIATE RELEASE
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PICO HOLDINGS, INC. AND GLOBAL EQUITY CORPORATION
JOINT PRESS RELEASE
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(LA JOLLA, CALIFORNIA - TORONTO, CANADA)--DECEMBER 16, 1998--PICO
Holdings, Inc. ("PICO") announced today that it has completed the acquisition of
100% of Global Equity Corporation. Immediately following the closing, the
66,643,848 issued and outstanding PICO shares were consolidated on a
one-for-five basis. PICO now has 13.3 million shares issued and outstanding, of
which 4 million (30%) have been accumulated by PICO as treasury stock.
Beginning December 17, 1998, PICO's shares will trade on the basis of
the one-for-five reverse stock split. Global Equity's shares will be delisted
from the Toronto Stock Exchange and the Montreal Exchange in the middle of next
week.
PICO is a diversified holding company with operations in wholesale
water and storage through its subsidiary Vidler Water Company, Inc.; real estate
and minerals through its subsidiary Nevada Land & Resource Company, LLC;
insurance through its subsidiaries Sequoia Insurance Company and Citation
Insurance Company; and investment management through its subsidiary Summit
Global Management, Inc. In addition, PICO has a number of strategic value
investments. PICO shares are traded on the Nasdaq-National Market System under
the symbol "PICO". Further information is available through PICO's website at
www.picoholdings.com.
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CONTACT: RICHARD H. SHARPE CHIEF OPERATING OFFICER (EXT. 201)
MAXIM C. W. WEBB VICE PRESIDENT, INVESTMENTS (216)
JAMES F. MOSIER GENERAL COUNSEL AND SECRETARY (EXT. 202)
(619) 456-6022
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