Buy/Sell Agreement Executed for 26% Interest in Arvida/JMB Partners, L.P.JACKSONVILLE Jacksonville. 1 City (1990 pop. 29,101), Pulaski co., central Ark., inc. 1941. The city has varied industries, including printing and publishing and the manufacture of electronic equipment, ordnance, and plastic and metal products. , Fla.--(BUSINESS WIRE)--November 11, 1998--The St. Joe Company The St. Joe Company (NYSE: JOE)is a land development company and Florida's largest private landowner, owning about 805,000 acres (0 km) in the state [1]. (NYSE NYSE See: New York Stock Exchange :JOE) and Arvida/JMB Managers, Inc. announced today that they have entered into a Buy/Sell Agreement with Raleigh Capital Associates, L.P. which, subject to the satisfaction of certain conditions, will result in either St. Joe acquiring all of the limited partnership interests (the "LP Interests") owned by Raleigh in Arvida/JMB Partners L.P. (the "Partnership"), or Raleigh acquiring all of the general partnership interest owned by Arvida/JMB Managers and certain associate limited partnership interests owned by Arvida/JMB Managers' affiliates in the Partnership. Raleigh owns approximately 26% of the LP Interests in the Partnership. St. Joe presently owns no interests in the Partnership. In connection with the Buy/Sell Agreement, St. Joe and Arvida/JMB Managers delivered a notice to Raleigh in which St. Joe offered to acquire all of the LP Interests owned by Raleigh for a specified price (the "Buy/Sell Price"). Arvida/JMB Managers has indicated that it would accept this Buy/Sell Price as the basis for determining the sale price for the general partnership and associate limited partnership interests. Raleigh has 20 business days (until December 10, 1998) to determine whether it will sell to St. Joe or purchase from Arvida/JMB Managers and its affiliates. If Raleigh elects to purchase, it will also make a tender offer to acquire all of the remaining LP Interests in the Partnership at a price equal to or greater than the Buy/Sell Price. If Raleigh elects to sell, St. Joe is not required to make a tender offer for any LP Interests in the Partnership. The Partnership's assets consist primarily of interests in land in the process of being developed in master-planned communities in Weston, Longboat Key, and River Hills, Florida, along with communities in Atlanta, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. and Highlands, North Carolina | Highlands is an incorporated town located on a plateau in the southern Appalachian mountains, within the Nantahala National Forest, in Macon County, North Carolina (a small annexed portion also being in neighboring Jackson County). . The Partnership's assets also include construction, brokerage and other support businesses; certain club and recreational facilities Noun 1. recreational facility - a public facility for recreation recreation facility facility, installation - a building or place that provides a particular service or is used for a particular industry; "the assembly plant is an enormous facility" and other real estate related assets. In November 1997, St. Joe completed its acquisition of a majority interest in St. Joe/Arvida Company, L.P. which provides a portion of the development and management supervisory and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to the Partnership. Affiliates of Arvida/JMB Managers own a minority interest in St. Joe/Arvida. St. Joe, a publicly held company based in Jacksonville, is a diversified diversified (di·verˑ·s real estate development and services company. It is engaged in community, commercial, industrial, leisure and resort development, along with residential and commercial real estate services. The company also has significant interests in timber, sugar and transportation. "Arvida" is a registered trademark. "Arvida", "St. Joe" and the "taking flight" logo are service marks of The St. Joe Company. |
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