SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2019

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 21. SUBSEQUENT EVENTS

On April 10, 2019, the Company repurchased a large block of shares of the Company’s common stock as part of the disposition of the entire position owned by its largest shareholder, Wintergreen Fund (NYSE: WGRNX), a public mutual fund and other investment vehicles, managed by Wintergreen Advisers, LLC, an institutional investment advisory firm, which shareholder owned in the aggregate more than 28% of the Company’s outstanding shares. The Company acquired 320,741 shares (the “Block Share Repurchase”), or approximately 6% of the Company’s outstanding shares, for approximately $18.4 million, which was funded utilizing capacity on the Credit Facility. The remaining shares owned by the selling shareholder, totaling 1,232,334 shares, were acquired by multiple investors. The Block Share Repurchase was completed outside of the Company’s existing $10.0 million buyback program.

On April 29, 2019, the Company completed the sale of approximately 38 acres for approximately $710,000, or approximately $19,000 per acre. The land parcel which is to be used as a compensating storage pond is located on the east side of Interstate 95 at the northwest corner of LPGA Boulevard and Clyde Morris Boulevard. The estimated gain on the land sale is approximately $595,000, or $0.09 per share, after tax. The transaction is expected to be part of a 1031 like-kind exchange.