Florida East Coast Industries Declares Special Cash Dividend
13 Julho 2007 - 9:30AM
PR Newswire (US)
JACKSONVILLE, Fla., July 13 /PRNewswire-FirstCall/ -- The Board of
Directors of Florida East Coast Industries, Inc. (NYSE:FLA)
("FECI") has declared a one-time, special cash dividend of $21.50
per share on all issued and outstanding common stock, payable on
July 25, 2007 to shareholders of record of such stock at the close
of business on July 24, 2007, after the FECI shareholder meeting to
approve the proposed merger of FECI pursuant to the Merger
Agreement, dated as of May 8, 2007, by and among FECI, Iron Horse
Acquisition Holding LLC and Iron Horse Acquisition Sub Inc. FECI's
obligation to pay the special cash dividend is subject to certain
conditions set forth in the merger agreement, including such
approval. FECI's obligation to pay the special cash dividend is
further subject to the availability of sufficient financing to fund
the special cash dividend. In declaring the special cash dividend,
FECI's Board of Directors reserved the right to modify the record
date with respect to, and the payment date of, the special cash
dividend as it, in its sole and absolute discretion, deems
appropriate. About Florida East Coast Industries, Inc. Florida East
Coast Industries, Inc., headquartered in Jacksonville, FL, conducts
operations through two distinct businesses, Flagler Development
Group (Flagler), its commercial real estate operation, and Florida
East Coast Railway, L.L.C. (FECR). Flagler owns, develops, leases
and holds in joint ventures, approximately 8.6 million square feet
of Class-A office and industrial space, as well as an additional
1,916,000 square feet under construction. Flagler space consists of
Class-A office and industrial properties, primarily in
Jacksonville, Orlando and South Florida counties of Palm Beach,
Broward and Miami-Dade. In addition, Flagler provides construction,
consulting, third party brokerage and property management (includes
Flagler's wholly-owned portfolio, as well as approximately 10.5
million square feet for third parties) services and owns 846 acres
of entitled land in Florida, which is available for development of
up to an additional 15.9 million square feet and Flagler owns
approximately 3,089 acres of other Florida properties. FECR is a
regional freight railroad that operates 351 miles of mainline track
from Jacksonville to Miami and provides intermodal drayage services
at terminals located in Atlanta, Jacksonville, Ft. Pierce, Ft.
Lauderdale and Miami. For more information, visit the Company's
website at http://www.feci.com/. Important Information SHAREHOLDERS
ARE URGED TO READ FECI'S PROXY STATEMENT, DATED JUNE 14, 2007, AND
RELATED SUPPLEMENT, DATED JULY 13, 2007, CAREFULLY, AS THESE
DOCUMENTS CONTAIN IMPORTANT INFORMATION THAT SHAREHOLDERS SHOULD
CONSIDER BEFORE MAKING A DECISION ABOUT THE MERGER. In addition to
receiving the proxy statement and supplement from FECI by mail,
shareholders will be able to obtain the proxy statement and
supplement, as well as other filings containing information about
FECI, without charge, from the Securities and Exchange Commission's
website (http://www.sec.gov/) or, without charge, from FECI's
website at http://www.feci.com/ or by directing such request to
Florida East Coast Industries, Inc., 10151 Deerwood Park Blvd.,
Jacksonville, Florida 32256, Attention: Investor Relations.
Participants in Solicitation FECI and its directors and executive
officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies in respect
of the merger. Information regarding FECI and its directors and
executive officers is available in its Annual Report on Form 10- K
for the year ended December 31, 2006, its proxy statement, dated
April 25, 2007, for its 2007 annual meeting of shareholders, its
proxy statement, dated June 14, 2007, and the supplement, dated
July 13, 2007, relating to the merger, which are filed with the
Securities and Exchange Commission. This press release contains
forward-looking statements regarding future events. Numerous risks,
uncertainties and other factors may cause actual results to differ
materially from those expressed in any forward-looking statements.
These factors include, but are not limited to, (1) the occurrence
of any event, change or other circumstances that could give rise to
the termination of the merger agreement; (2) the inability to
complete the merger due to the failure to obtain shareholder
approval or the failure to satisfy other conditions to completion
of the merger, including the receipt of shareholder approval and
regulatory approvals; (3) the failure to obtain the necessary debt
financing arrangements set forth in commitment letters received in
connection with the merger; (4) risks that the proposed transaction
disrupts current plans and operations and the potential
difficulties in employee retention as a result of the merger; (5)
the ability to recognize the benefits of the merger; (6) the amount
of the costs, fees, expenses and charges related to the merger and
the actual terms of certain financings that will be obtained for
the merger; and (7) the impact of the substantial indebtedness
incurred to finance the consummation of the merger; and other risks
that are set forth in FECI's SEC filings. Many of the factors that
will determine the outcome of the subject matter of this press
release are beyond FECI's ability to control or predict.
Forward-looking statements speak only as of the date the statement
was made. FECI assumes no obligation to update forward-looking
information to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information. If
FECI does update any forward-looking statement, no inference should
be drawn that FECI will make additional updates with respect to
that statement or any other forward-looking statements. DATASOURCE:
Florida East Coast Industries, Inc. CONTACT: Bradley D. Lehan for
Florida East Coast Industries, Inc., +1- 904-996-2817 Web site:
http://www.feci.com/
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