The St. Joe Company Chairman, Peter S. Rummell, Announces Intent to Increase His Common Stock Ownership in Joe
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Feb. 4, 2002--Peter S. Rummell, the chairman and CEO of The St. Joe Company (NYSE:JOE - news), announced today that he intends to buy and hold shares of St. Joe stock with the net proceeds from the next transactions under his Stock Option Sales Plan.
In the next three months, Rummell intends to exercise and sell 350,000 vested options and exercise and hold an amount of St. Joe shares using the net proceeds from these sales. Rummell's stock purchase would be calculated by taking the option sales price less the option exercise cost and any applicable income taxes, commissions and fees. Based on the closing price of JOE on the NYSE on Friday, February 1, 2002, that would amount to the purchase and retention of approximately 160,272 shares of St. Joe by Rummell.
After these transactions, based on the closing price of JOE on the NYSE on Friday, February 1, 2002, Rummell would own approximately 193,233 shares and have 2,957,064 vested options remaining.
``I am very excited about the work we are doing at JOE,'' said Rummell. ``We have a range of high-quality, successful, innovative developments underway. And by working on a regional scale, we're doing something unique.
I am delighted to be increasing my ownership position in JOE common stock.``
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. |
