SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
July 23, 1999
Date of Report
(Date of earliest
event reported)
CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
0-5556 59-0483700
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(Commission File Number) (IRS Employer
Identification Number)
149 South Ridgewood Avenue
Daytona Beach, FL 32114
(Address of principal executive offices) (Zip Code)
(904 255-7558)
(Registrant's telephone number, including area code)
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FORM 8-K, July 23, 1999
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 5. Other Events
On July 21, 1999, the Board of Directors of Consolidated-Tomoka
Land Co. authorized a common stock repurchase program pursuant
to which the Company would be authorized to purchase up to 25
percent of the Company's currently outstanding common stock. Repurchases
will be made on the open market at prevailing prices or in privately
negotiated transactions. This authority may be exercised from
time to time and in such amounts as market conditions warrant.
The Company currently has 6,371,833 shares of common stock
outstanding. In other action, the Board decided to eliminate
the semi-annual dividend payment which would normally be declared
at this time in order to make an equivalent amount of funds
available to the stock repurchase program. The Company
expects to determine the future dividend policy later in the year.
The action was taken in anticipation of the distribution of
5,000,000 Consolidated Tomoka shares by Baker Fentress & Company
to its shareholders. The cash proceeds from the Company's recent
sale of its citrus division, as well as the cash made available
from the dividend elimination, are available for the stock
repurchase program.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf of the undersigned thereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
Date: July 23, 1999 /s/ Bob D. Allen
----------------------------
Bob D. Allen, President
and Chief Executive Officer
Date: July 23, 1999 /s/ Bruce W. Teeters
----------------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
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