Current Report Filing (8-k)
January 22 2016 - 4:42PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date
of earliest event reported): January 20, 2016
AMREP
CORPORATION |
(Exact
name of Registrant as specified in its charter) |
Oklahoma |
1-4702 |
59-0936128 |
(State or other
jurisdiction of |
(Commission
File |
(IRS Employer |
incorporation) |
Number) |
Identification
No.) |
300
Alexander Park, Suite 204, Princeton, New Jersey |
08540 |
(Address of
principal executive offices) |
(Zip Code) |
Registrant's telephone number, including
area code: (609) 716-8200
Not
Applicable |
(Former name
or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction
A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement.
Reference is made to the sale on February 9, 2015 of AMREP
Corporation’s Newsstand Distribution Services business and Product Packaging and Fulfillment Services business and the relationship
of Michael P. Duloc to AMREP Corporation, each of which is described in Item 1 of Part I of AMREP Corporation’s Form 10-K
for the year ended April 30, 2015, which was filed with the Securities and Exchange Commission on July 29, 2015.
On January 20, 2016, American Investment Republic Co. (“Lender”),
a subsidiary of AMREP Corporation, entered into a letter agreement with each of DFI Holdings, LLC, KPS Holdco, LLC and their respective
subsidiaries (collectively, “Borrowers”), which resolved certain events of default of the Borrowers. Among other things,
the letter agreement provided the following:
| · | Payment
to Lender of approximately $1.6 million, representing the full amount of principal and
interest outstanding under the promissory note executed by DFI Holdings, LLC and KPS
Holdco, LLC in favor of Lender; |
| · | Termination
of the line of credit promissory note provided by Lender to certain Borrowers. No amount
of principal was outstanding under the line of credit promissory note as of the termination
date; |
| · | Termination
of the security agreement provided by Borrowers in favor of Lender pursuant to which
Borrowers had pledged and granted a security interest in substantially all of their personal
property to Lender in order to secure the obligations of Borrowers; and |
| · | A
release and indemnity in favor of Lender and its affiliates with respect to the events
of default and the resolution thereof. |
The foregoing description of the letter agreement is a
summary only and is qualified in all respects by the provisions of such document.
Item 1.02 Termination of a Material Definitive Agreement.
The information in Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 1.02.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMREP
Corporation |
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Date: January 22,
2016 |
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By: |
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/s/ Christopher
V. Vitale |
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Name: Christopher
V. Vitale |
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Title: Executive
Vice President |
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