Third Avenue Funds Buys 1.2 Million Shares of St. Joe From duPont Trust
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Nov. 26, 2001--The St. Joe Company (NYSE:JOE - news) and the Alfred I. duPont Testamentary Trust (the ``Trust''), the majority stockholder of the company, jointly announced today that the Trust sold 1.2 million shares of St. Joe common stock to Third Avenue Funds of New York City. The sale was a privately negotiated transaction.
``Third Avenue Funds has closely and diligently followed the company's progress and we consider this investment a vote of confidence in JOE's value creation strategy,'' said Peter S. Rummell, chairman and CEO of St. Joe. ``They are one of the nation's most respected value investors and a long-time shareholder of JOE.''
``We consider St. Joe an excellent long-term investment,'' said Martin J. Whitman, Chairman and CEO, of the Third Avenue Funds. ``The company meets all our key value criteria - high-quality assets, a strong financial position and highly motivated and skilled management. St. Joe's strategy for its northwest Florida land holdings is very exciting and has the potential to create exceptional value for shareholders.''
``St. Joe's management team remains tightly focused on the company's unique real estate assets, and has developed a strategy that well positions St. Joe to deliver value to shareholders,'' said Winfred L. Thornton, chairman of the Trust. ``The Trust's holdings in St. Joe remain one of our most important assets, and we believe the company's prospects are excellent. We are pleased with the direction and progress that St. Joe management is making.''
As a result of the sale the Trust and the Trust's primary beneficiary, The Nemours Foundation, hold 46,674,300 shares, or approximately 58.6 percent of the total shares outstanding.
The St. Joe Company, a publicly held company based in Jacksonville, is Florida's largest real estate operating company. It is engaged in community, commercial, industrial, hospitality, leisure and resort development, along with residential and commercial real estate services. The company also has significant interests in timber.
More information about St. Joe can be found online at joe.com. |
