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Article: Florida East Coast Minority Shareholders Approve Spin-Off of St. Joe Equity Interest to St. Joe Shareholders.
- Article from:
- Business Wire
- Article date:
- March 8, 2000
CopyrightCOPYRIGHT 2000 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
JACKSONVILLE and ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--March 8, 2000
A majority of the minority shareholders of Florida East Coast Industries, Inc. (NYSE:FLA) approved today a recapitalization of Florida East Coast in order to facilitate a pro rata tax-free spin-off to shareholders of The St. Joe Company (NYSE:JOE) of St. Joe's 54 percent equity interest in Florida East Coast. The special shareholder meeting was held in St. Augustine, Fla.
As part of the recapitalization, St. Joe will exchange all of its shares of Florida East Coast common stock for an equal number of shares of a new class of Florida East Coast common stock. ...