Consolidated-Tomoka Land Co. (CTO) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.
On November 10, 2016, Consolidated-Tomoka Land Co., a Florida
corporation (the “Company”), issued a press announcing the
termination on November 8, 2016 of its contract with an affiliate
of Land Venture Partners, LLC for the sale of the Companys
500,000 acres of subsurface interests, all located in the state
of Florida, including the royalty interests in two operating oil
wells in Lee County, Florida and the Companys interests in the
oil exploration lease with Kerogen Florida Energy Company LP, for
a sales price of approximately $24 million. The Company and the
counterparty, among other things, were unable to reach a
resolution on issues pertaining to the acceptability of title for
a portion of the total acres in the subsurface portfolio. A copy
of the press release is furnished as an exhibit to this report.
Item 7.01 Regulation FD Disclosure.
A copy of the above-mentioned press release is furnished as an
exhibit hereto to Item 7.01 of Form 8-K and shall not be deemed
to be filed for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
|
Exhibit Number |
Description |
|
99.1 |
Press Release dated November 10, 2016 |
About Consolidated-Tomoka Land Co. (CTO)