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):
September 24, 1999
FRP PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction of incorporation)
0-17554 59-2924957
(Commission File Number) (I.R.S. Employer
Identification Number)
155 East 21st Street, Jacksonville, Florida 32206
(Address of principal executive offices)
Registrant's telephone number, including area code: (904) 355-1781
Not Applicable
(Former name or former address, if changed since last report)
FRP PROPERTIES, INC/NEWS
Contact: John E. Anderson
Chief Executive Officer 904/355-1781, Ext. 215
FRP PROPERTIES, INC. ANNOUNCES PROPOSED TAX-FREE SPIN-OFF OF ITS
REAL ESTATE BUSINESS.
Jacksonville, Florida; September 24, 1999--FRP PROPERTIES, INC.
(NASDAQ-FRPP) announced today that its Executive Committee will
propose a reorganization of the Company to its directors and
shareholders which would result in spinning off to its shareholders
a new company which would include the real estate business, while
retaining the transportation business in FRP Properties, Inc. The
Company has obtained a tax ruling from the Internal Revenue Service
which allows the proposed transaction to be tax-free to
shareholders. If approved by the directors and shareholders at the
Annual Shareholder Meeting on February 2, 2000, it is anticipated
that the spin-off would be made effective by the end of the
Company's second quarter, ending March 31, 2000.
FRP Properties, Inc. is engaged in the transportation and real
estate businesses. Its transportation subsidiaries are Florida
Rock & Tank Lines, Inc., a Southeastern transportation company
concentrating in the hauling by motor carrier of liquid and dry
bulk commodities and SunBelt Transport, Inc., which serves the
flatbed portion of the Southeastern trucking industry. The
Company's real estate subsidiaries own revenue-producing and
investment properties and are engaged in real estate development
and property management activities.
Investors are cautioned that statements in this press release which
relate to the future are, by their nature, subject to risks and
uncertainties that could cause actual results and events to differ
materially from those indicted in such forward-looking statements.
These include general business conditions, competitive factors,
political, economic, regulatory, climatic, pricing, energy costs
and technological contingencies. Additional information regarding
these and other risk factors and uncertainties may be found in the
Company's filings with the Securities and Exchange Commission.
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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.
FRP PROPERTIES, INC.
Date: September 24, 1999 By: /S/ JAMES J GILSTRAP
James J. Gilstrap
Treasurer and Chief Financial
Officer
(Title)
