UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under The Securities Exchange Act of 1934
(Amendment No. 5)*
The St. Joe Company
(Name of Issuer)
Common Stock, No par value
(Title of Class of Securities)
790148100
(CUSIP Number)
Winfred L. Thornton
Alfred I. duPont Testamentary Trust
4600 Touchton Road, East
Building 200, Suite 500
Jacksonville, FL 32246
(904) 232-4148
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
August 28, 2003
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f), or Rule 13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
Alfred I. duPont Testamentary Trust |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
Florida |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
33,351,546 8. Shared Voting Power
33,351,546 9. Sole Dispositive Power
33,351,546 10. Shared Dispositive Power
33,351,546 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
33,351,546 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
44.1% |
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14. | Type of Reporting Person (See Instructions)
OO |
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1. | Name of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
The Nemours Foundation |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings us Required Pursuant to Items 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
Florida |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
1,863,678 8. Shared Voting Power
1,863,678 9. Sole Dispositive Power
1,863,678 10. Shared Dispositive Power
1,863,678 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
1,863,678 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
2.5% |
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14. | Type of Reporting Person (See Instructions)
OO |
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1. | Name of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
Winfred L. Thornton |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
19,140 8. Shared Voting Power
35,215,224 9. Sole Dispositive Power
19,140 10. Shared Dispositive Power
35,215,224 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
35,234,364 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
46.5% |
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14. | Type of Reporting Person (See Instructions)
IN |
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1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
Wachovia Bank, N.A., a subsidiary of Wachovia Corporation, as Corporate Trustee |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
50,500 8. Shared Voting Power
35,215,224 9. Sole Dispositive Power
50,500 10. Shared Dispositive Power
35,215,224 | |
11 | Aggregate Amount Beneficially Owned by Each Reporting Person
35,265,724 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
46.6% |
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14. | Type of Reporting Person (See Instructions)
BK |
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1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
Hugh M. Durden |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
4,001 8. Shared Voting Power
35,215,224 9. Sole Dispositive Power
4,001 10. Shared Dispositive Power
35,215,224 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
35,219,225 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
46.5% |
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14. | Type of Reporting Person (See Instructions)
IN |
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1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
John S. Lord |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
9,850 8. Shared Voting Power
35,215,224 9. Sole Dispositive Power
9,850 10. Shared Dispositive Power
35,215,224 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
35,225,074 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
46.5% |
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14. | Type of Reporting Person (See Instructions)
IN |
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1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
Herbert H. Peyton |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
9,850 8. Shared Voting Power
35,215,224 9. Sole Dispositive Power
9,850 10. Shared Dispositive Power
35,215,224 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
35,225,074 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
46.5% |
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14. | Type of Reporting Person (See Instructions)
IN |
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1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
John F. Porter, III |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d) or 2(e)
¨ |
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6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
0 8. Shared Voting Power
35,215,224 9. Sole Dispositive Power
0 10. Shared Dispositive Power
35,215,224 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
35,215,224 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
¨ |
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13. | Percent of Class Represented by Amount in Row (11)
46.5% |
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14. | Type of Reporting Person (See Instructions)
IN |
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1. | Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)
W. T. Thompson, III |
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2. | Check the Appropriate Row if a Member of a Group (See Instructions) (a) ¨ (b) x |
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3. | SEC Use Only
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4. | Source of Funds (See Instructions)
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5. | Check if Disclosure of Legal Proceedings is Required Pursuant to Item 2(d)or 2(e)
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¨ | ||
6. | Citizenship or Place of Organization
United States of America |
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7. Sole Voting Power
1,500 8. Shared Voting Power
35,260,224 9. Sole Dispositive Power
1,500 10. Shared Dispositive Power
35,260,224 | |
11. | Aggregate Amount Beneficially Owned by Each Reporting Person
35,261,724 |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
¨
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13. | Percent of Class Represented by Amount in Row (11)
46.6% |
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14. | Type of Reporting Person (See Instructions)
IN |
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Items 4, 5, and 7 are amended as set forth below.
Item 4. | Purpose of Transaction |
The Reporting Persons acquired the Common Stock of the Issuer reported herein for investment purposes. Although the Reporting Persons intend to exercise their rights as a significant stockholder, the Reporting Persons currently do not have any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any material change in the present capitalization or dividend policy of the Issuer; (e) any other material change in the Issuers business or corporate structure; (f) changes in the Issuers articles of incorporation, constitution, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (g) causing a class of securities of the Issuer to be deleted from a national securities exchange or to cease to be authorized or quoted in an inter-dealer quotation system of a registered national securities association; (h) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; or (i) any action similar to any of those enumerated above. The Reporting Persons do not have any plans or proposals which relate to or result in any change in the officers of the Issuer. Presently, Messrs. Durden, Lord, Peyton and Thornton are directors on the Issuers Board of Directors which has nine members and the Reporting Persons do not have any plans or proposals to change the number or term of directors, other than to fill any future vacancies on the Board.
On February 7, 2003, the Trust and the Foundation entered into a 90-day stock repurchase agreement with the Issuer. Such agreement was renewed for additional 90-day periods on May 19, 2003 and August 23, 2003. The August 23, 2003 renewal agreement will last to November 10, 2003 and calls for the Trust or the Foundation to sell to the Issuer each Monday a number of shares equal to 0.9 times the amount of shares that the Issuer purchased from the public during the previous week.
On August 28, 2003, the Issuer filed a registration statement (the Registration Statement) in connection with the offering of up to 11,000,000 shares of Common Stock by the Trust from time to time. The Trust may, from time to time, sell all or part of the shares covered by the Registration Statement on terms determined at the time such shares are offered for sale, to or through underwriters, directly to other purchasers or broker-dealers, or through dealers or other persons acting as agents, or through a combination of such methods. The distribution of such shares may
be effected from time to time in one or more transactions at a fixed price or prices (which may be changed), at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices.
The Trust intends to sell shares of the Common Stock covered by the Registration Statement in order to diversity the Trusts assets. In the future, the Trust may sell additional shares of Common Stock. The Trust anticipates that it will continue to reduce its ownership of Common Stock over the next several years through open market sales, private sales, participation in the Issuers stock repurchase program or otherwise. The timing and amount of sales by the Trust is subject to a number of uncertainties, including the market price of the Common Stock, the Issuers prospects and general economic conditions.
As stated in Item 2, Messrs. Durden, Lord, Peyton and Thornton are all directors of the Issuer and by serving in that capacity may explore actions and transactions that may be advantageous to the Issuer, including but not limited to possible mergers, acquisitions, reorganizations or other material changes in the business, corporate structure, management, policies, governing instruments, capitalization, securities or regulatory or reporting obligations of the Issuer. However, Messrs. Durden, Lord, Peyton and Thornton do not currently have any plans or proposals that relate to or would result in any of the actions listed in (a) through (i) above.
Item 5. | Interest in Securities of the Issuer |
(a) As of the close of business on the date hereof, the Trust beneficially owned 33,351,546 shares of the Common Stock, which represented 44.1% of the issued and outstanding shares of Common Stock of the Issuer. As of such date, the Foundation beneficially owned 1,863,678 shares of Common Stock of the Issuer, which represented 2.5% of the outstanding Common Stock of the Issuer. By virtue of their status as trustees and directors, the Trustees and the directors of the Foundation may be deemed to have indirect beneficial ownership of the shares of the Issuer owned by the Trust and the Foundation. In addition, as of such date, Winfred L. Thornton has beneficially ownership over 3,471 shares of Common Stock of the Issuer, and William T. Thompson, III has beneficial ownership over 46,500 shares of the Common Stock of the Issuer. In addition, as of such date, John S. Lord has the right to acquire, 9,850 shares of the Common Stock of the Issuer, Herbert H. Peyton has the right to acquire 9,850 shares of the Common Stock of the Issuer, Hugh M. Durden has the right to acquire 4,001 shares of the Common Stock of the Issuer and Winfred L. Thornton has the right to acquire 15,669 shares of the Common Stock of the Issuer. In addition, Wachovia Bank, N.A., may be deemed to have beneficial ownership over 50,500 shares of Common Stock of the Issuer held in
fiduciary and investment capacities. The number of shares owned by each of the foregoing individuals and Wachovia Bank, N.A., individually and in the aggregate represented less than 1% of the outstanding Common Stock of the Issuer.
(b) By virtue of their status as trustees and directors, the Trustees and the directors of the Foundation have the power to vote or direct the vote and the power to dispose or direct the disposition of the 33,351,546 shares of Common Stock of the Issuer owned by the Trust and the 1,863,678 shares of Common Stock of the Issuer owned by the Foundation. Mr. Thornton has the sole power to vote and dispose of the 3,471 shares of Common Stock of the Issuer which he owns. Mr. Thompson has the sole power to vote and dispose of 1,500 shares of Common Stock of the Issuer which he owns and shares voting and dispositive power over the other 45,000 shares of Common Stock of the Issuer he beneficially owns. In addition to the shares held by the Trust and Foundation, Wachovia Bank, N.A., has sole voting and dispositive power over 50,500 shares of Common Stock of the Issuer.
(c) Between February 18, 2003 and the date hereof, the Trust closed on the following transactions in the Issuers Common Stock:
Date of event or transaction |
Type of event or transaction |
Number of shares disposed of |
Price per share and aggregate price |
Number of shares owned after transaction | ||||
2/18/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 13,500 | 27.91 | 33,942,486 | ||||
2/24/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 9,900 | 27.93 | 33,932,586 | ||||
3/03/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 30,420 | 27.85 | 33,902,166 | ||||
3/10/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 32,130 | 27.59 | 33,870,036 | ||||
3/24/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 103,770 | 27.26 | 33,766,266 |
3/31/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 76,500 | 27.28 | 33,689,766 | ||||
4/07/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 129,060 | 27.45 | 33,560,706 | ||||
4/14/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 15,120 | 28.35 | 33,545,586 | ||||
4/28/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 18,990 | 29.08 | 33,526,596 | ||||
5/12/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 36,450 | 33,490,146 | |||||
5/19/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 27,000 | 29.54 | 33,463,146 | ||||
5/27/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 27,000 | 29.77 | 33,436,146 | ||||
6/02/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 21,600 | 29.91 | 33,414,546 | ||||
6/16/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 19,800 | 30.84 | 33,394,746 | ||||
6/23/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 18,000 | 31.05 | 33,376,746 | ||||
6/30/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 18,000 | 31.18 | 33,358,746 |
7/07/03 |
Sale to Issuer as part of Issuers Stock Repurchase Program | 7,200 | 31.24 | 33,351,546 |
Between May 5, 2003 and the date hereof, the Foundation closed on the following transactions in the Issuers Common Stock:
Date of event or trans-action |
Type of event or transaction |
Number of shares disposed of |
Price per share and aggregate price |
Number of shares owned after transaction | ||||
5/05/03 |
Sales to Issuer as part of Issuers Stock Repurchase Program | 54,900 | 29.29 | 2,027,208 | ||||
6/09/03 |
Sales to Issuer as part of Issuers Stock Repurchase Program | 26,820 | 30.40 | 2,000,388 | ||||
7/28/03 |
Sales to Issuer as part of Issuers Stock Repurchase Program | 10,710 | 31.98 | 1,989,678 | ||||
8/04/03 |
Sales to Issuer as part of Issuers Stock Repurchase Program | 45,000 | 32.32 | 1,944,678 | ||||
8/11/03 |
Sales to Issuer as part of Issuers Stock Repurchase Program | 45,000 | 32.13 | 1,899,678 | ||||
8/18/03 |
Sales to Issuer as part of Issuers Stock Repurchase Program | 36,000 | 32.50 | 1,863,678 |
Item 7. | Material To Be Filed As Exhibits |
1. | Registration Rights Agreement between The St. Joe Company (the Issuer) and the Alfred I. duPont Testamentary Trust, dated December 16, 1997 (incorporated by reference to Exhibit 4.01 to the Issuers Amendment No. 1 to the registration statement on Form S-3 (File No. 333-42397)). |
2. | Amendment No. 1 to the Registration Rights Agreement between the Alfred I. duPont Testamentary Trust and the Issuer dated January 26, 1998 (incorporated by reference to Exhibit 4.2 of the Issuers registration statement on Form S-1 (file 333-89146)). |
3. | Amendment No. 2 to the Registration Rights Agreement between the Alfred I. duPont Testamentary Trust and the Issuer, dated May 24, 2002 (incorporated by reference to Exhibit 4.3 of the Issuers statement on Form S-1 (File 333-89146)). |
4. | Agreement between the Issuer and the Alfred I. duPont Testamentary Trust and the Nemours Foundation dated February 7, 2003 (incorporated by reference to Exhibit 99.03 to the Issuers Quarterly Report on Form 10-Q filed with the SEC on May 14, 2003). |
5. | Agreement between the Issuer and the Alfred I. duPont Testamentary Trust and the Nemours Foundation dated May 19, 2003 (filed herewith). |
6. | Agreement between the Issuer and the Alfred I. duPont Testamentary Trust and the Nemours Foundation dated August 12, 2003 (filed herewith). |
7. | Agreement among Reporting Persons dated June 28, 2002 (incorporated by reference to Exhibit 2 to the Reporting Persons Schedule 13D-A filed with the SEC on June 28, 2003). |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
ALFRED I. DUPONT TESTAMENTARY TRUST | ||||||
September 5, 2003 |
/s/ WINFRED L. THORNTON | |||||
Winfred L. Thornton Chairman |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
THE NEMOURS FOUNDATION | ||||||
September 5, 2003 |
/s/ WILLIAM T. THOMPSON, III | |||||
William T. Thompson, III Chairman |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
WACHOVIA BANK, N.A., as Corporate Trustee | ||||||
September 5, 2003 |
/s/ CHARLOTTE A. BORLAND | |||||
Charlotte A. Borland Senior Vice President |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 5, 2003 |
/s/ HUGH M. DURDEN | |||||
Hugh M. Durden |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 5, 2003 |
/s/ JOHN S. LORD | |
John S. Lord |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 5, 2003 |
/s/ HERBERT H. PEYTON | |
Herbert H. Peyton |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 5, 2003 |
/s/ JOHN F. PORTER, III | |
John F. Porter, III |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 5, 2003 |
/s/ WILLIAM T. THOMPSON, III | |
William T. Thompson, III |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 5, 2003 |
/s/ WINFRED L. THORNTON | |
Winfred L. Thornton |
EXHIBIT 5
May 19, 2003
Mr. Peter S. Rummell
Chairman and CEO
The St. Joe Company
245 Riverside Avenue, Suite 500
Jacksonville, Florida 32202
Dear Peter:
The Trustees of the Alfred I. duPont Testamentary Trust and the Directors of The Nemours Foundation met on May 14, 2003, and authorized renewal of the agreement between the Trust and the Foundation and St. Joe authorizing the purchase by St. Joe of Trust and Foundation shares of St. Joe stock. We would like to renew the agreement for ninety days on the same terms as the agreement dated February 7, 2003, effective as of the expiration of that agreement.
If this is agreeable to St. Joe, would you acknowledge on the additional copy and return it to me for our records.
Sincerely, |
/s/ W. L. THORNTON |
W. L. Thornton Chairman |
WLT:lp
Accepted on behalf of The St. Joe Company
/s/ PETER S. RUMMELL |
Peter S. Rummell Chairman and CEO |
ALFRED I. DUPONT TESTAMENTARY TRUST |
THE NEMOURS FOUNDATION | |||
/s/ W. L. THORNTON | /s/ W. L. THORNTON | |||
W. L. Thornton Chairman |
W. L. Thornton Vice Chairman |
EXHIBIT 6
August 12, 2003
Mr. Peter S. Rummell
Chairman and CEO
The St. Joe Company
245 Riverside Avenue, Suite 500
Jacksonville, Florida 32202
Dear Peter:
The Agreement between the Trust and Foundation and S. Joe, dated February 7, 2003, and as renewed by my letter to you dated May 19, 2003, authorizing the purchase by St. Joe of Trust and Foundation shares of St. Joe stock expires on August 12, 2003. The Trustees of the Trust and the Directors of the Foundation would like to renew the Agreement on the same terms and conditions, effective as of August 13, 2003, and continuing through November 10, 2003
If this is agreeable to St. Joe, would you acknowledge on the additional copy and return it to me for our records.
Sincerely, |
/s/ W. L. THORNTON |
W. L. Thornton Chairman |
WLT:lp
Accepted on behalf of The St. Joe Company
/s/ PETER S. RUMMELL |
Peter S. Rummell Chairman and CEO |
ALFRED I. DUPONT TESTAMENTARY TRUST |
THE NEMOURS FOUNDATION | |||
/s/ W. L. THORNTON | /s/ W. L. THORNTON | |||
W. L. Thornton Chairman |
W. L. Thornton Vice Chairman |