FRP » Topics » (10) Subsequent Event

This excerpt taken from the FRP 10-Q filed May 10, 2007.

(9)    Subsequent Event

        On April 10, 2007, the Company completed the O-P Disposition. In the second quarter of 2007, the Company will record a gain on the sale of approximately $45.9 million. Total proceeds from the sale were $55 million, of which approximately $1.0 million was paid to the Company in the form of a distribution from OCPLP in the first quarter of 2007. The remaining proceeds of approximately $54.0 million were received from the purchasers upon closing on April 10, 2007. The Company has historically recorded equity in net earnings of investees of approximately $9 to $10 million annually and has received annual distributions of approximately $9 to $10 million from OCPLP. Due to the sale, the Company will not receive distributions from OCPLP after April 10, 2007. The Company records earnings from OCPLP on a three month lag and therefore, will continue to record earnings in investees in the second and third quarter to reflect the April 10, 2007 disposition.

This excerpt taken from the FRP 10-Q filed Aug 7, 2006.

(10) Subsequent Event

On July 26, 2006, the Company announced that it had completed the purchase of the assets of Cass County Telephone Company Limited Partnership and LEC Long Distance, Inc. (collectively, Cass County) for the purchase price of approximately $33.0 million, subject to adjustment. Cass County provides


telecommunications and Internet services to rural areas of Missouri and Kansas. Cass County has approximately 8,600 access line equivalents currently in operation, consisting of approximately 6,800 residential lines, 1,000 business lines and 800 high speed data subscribers. The Company funded the Cass County acquisition from cash on hand and from borrowings under the revolving facility of our credit facility.

This excerpt taken from the FRP 10-Q filed May 9, 2006.

(10)   Subsequent Event

On August 4, 2005, the Board of Directors of the Rural Telephone Bank, or RTB, approved the liquidation and dissolution of the RTB. As part of such liquidation and dissolution, all RTB loans were to be transferred to the Rural Utilities Service and all shares of the RTB’s Class A Stock, Class B Stock and Class C Stock were to be redeemed at par value. The Company had no outstanding loans with the RTB but owned 2,477,493 shares of Class B Stock and 24,380 shares of Class C Stock. This liquidation was completed in April 2006, and as a result, the Company received proceeds of $26.9 million from the RTB. The Company will record a gain on this investment of approximately $4.1 million in the second quarter of 2006.

On May 1, 2006, the Company received proceeds of $16.9 million from the sale of its investment in Southern Illinois Cellular Corp. The Company will record a gain on this investment of approximately $12.4 million in the second quarter of 2006. In addition to the $16.9 million in proceeds received on May 1, 2006, approximately $2.6 million will be held in escrow and the Company will not record the gain on this portion of the transaction until the proceeds are received.

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