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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[x] Check this box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Prosser Jeffrey J.
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(Last) (First) (Middle)
Chase Financial Center, P.O. Box 1730
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(Street)
Christiansted,
St. Croix, U.S. Virgin Islands 00821
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Atlantic Tele-Network, Inc. ("ANK")
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
December 1997
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ X ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Co-Chief Executive Officer (up to 12/30/97)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 12/30/97 P 257,000 A 11 3/4 to I ***
11 7/8
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Common Stock 12/30/97 J(1) 3,325,000 D (2) D
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Class A Common Stock 12/30/97 J(1) 3,325,000 A (2) D
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Class A Common Stock 12/30/97 J(1) 3,325,000 D (2) D
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-0-
=====
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</TABLE>
(1) Pursuant to the spinoff of Emerging Communications, Inc. ("ECM") from
Atlantic Tele-Network, Inc. ("ANK") on December 30 1997, the undersigned
Reporting Person (a) exchanged 3,325,000 shares of ANK common stock for an
equivalent number of ANK Class A common stock and (b) acquired 5,704,231
shares of ECM common stock in exchange for the ANK Class A common stock
owned by him prior to the spinoff.
(2) On December 30, 1997, ANK Common Stock opened at $10 3/4 and closed at $10
15/16. ECM began trading on the AMEX on December 31, 1997, opening on a
quote of $8 1/4 and closing at $8.
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
9. 10.
Number Owner-
of ship
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option Market 12/31/97 S 257,000 -- -- Common 257,000 11 3/4 -0- I ***
Stock to
11 7/8
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===
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</TABLE>
*** (Held in John P. Raynor Trust dated 12/18/97.
This filing should not be deemed an admission that the undersigned
Reporting Person is the beneficial owner of the equity securities listed
above.
Explanation of Responses:
/s/ Jeffrey J. Prosser 1/09/98
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedures.
Alternatively, this Form is permitted to be submitted to the
Commission in electronic format at the option of the reporting person
pursuant to rule 101(b)(4) of Regulation S-T.
(122797DTI)
