The St. Joe Company --NYSE:JOE-- Announces Renewal of Agreement With duPont Trust to Repurchase ``JOE'' Shares
JACKSONVILLE, Fla.--(BUSINESS WIRE)--June 12, 2001--The St. Joe Company (NYSE:JOE - news) today announced that the Alfred I. duPont Testamentary Trust (``the Trust''), the majority stockholder of the company, and the Trust's primary beneficiary, The Nemours Foundation, agreed to participate in the St. Joe stock repurchase program for a third consecutive 90-day period.
Through this agreement, the Trust will continue to sell to St. Joe each Monday a number of shares equal to 1.5 times the amount of shares St. Joe purchased from the public during the previous week. The Trust shares will be purchased at a price exactly equal to the volume weighted average price, excluding commissions, paid by St. Joe for shares purchased from the public during that week. However, no shares will be sold by the Trust if that week's average price of shares repurchased by St. Joe is below $22 per share.
``We are very pleased that the Trust has agreed to continue to support St. Joe's on-going stock repurchase program for this third consecutive 90-day term,'' said Peter S. Rummell, St. Joe chairman and CEO. ``More than ever, we are convinced that the company's value is not fully reflected in our current stock price, and through this stock repurchase program, we can continue to deliver value to shareholders.''
``St. Joe's management team is now tightly focused on the company's unique real estate assets, and we are confident that this team has developed a strategy that positions St. Joe to deliver value to shareholders,'' said Winfred L. Thornton, chairman of the Trust. ``We are pleased with the direction and progress that St. Joe management is making. The Trust's holdings in St. Joe remains one of our most important assets, and we see the stock repurchase program as an effective tool to increase per share value. We continue to be pleased to participate on a pro-rata basis.''
``As we have stated before, we will continue to evaluate all investment alternatives and implement those that contribute most to shareholder value,'' said Kevin M. Twomey, St. Joe president and COO. ``Our objective remains to compound value for shareholders in a number of different ways.''
The Alfred I. duPont Testamentary Trust of Jacksonville, Florida was established under the last will and testament of Alfred I. duPont in 1935 to establish and benefit The Nemours Foundation, a charitable hospital foundation. |
