Form 8-K Forestar Group Inc. For: Dec 08
Tweet
Share
E-mailUNITED 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: December 8, 2014
(Date of earliest event reported)
�
FORESTAR GROUP INC.
(Exact name of registrant as specified in its charter)
�
Delaware | � | Commission File Number | � | 26-1336998 |
(State or other jurisdiction of incorporation or organization) | � | 001-33662 | � | (I.R.S. Employer Identification No.) |
�
6300 Bee Cave Road, Building Two, Suite�500
Austin, Texas 78746
(Address of principal executive offices) (zip code)
�
(512)�433-5200
(Registrants telephone number, including area code)
�
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:�
o������ Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)
o������ Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)
o������ Pre-commencement communications pursuant to Rule�14d-2(b)�under the Exchange Act (17 CFR 240.14d-2(b))
o������ Pre-commencement communications pursuant to Rule�13e-4(c)�under the Exchange Act (17 CFR 240.13e-4(c))
Item�5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 8, 2014, Forestar Group Inc. (the Company ) announced the departure of Flavious A. Smith, Jr. from his position as Chief Oil and Gas Officer of the Company, effective immediately.�
Item 7.01. Regulation FD Disclosure.
On December 8, 2014, the Company issued a press release announcing a plan to explore strategic alternatives to enhance shareholder value, to include a review of alternatives with respect to the Companys oil and gas business. A copy of the press release is furnished as Exhibit�99.1 of this report.
�
Item 9.01. Financial Statements and Exhibits.
�(d)��������Exhibits.
Exhibit No. | � | Description of Exhibit |
� | � | � |
99.1 | � | Press Release issued by the Company on December 8, 2014. |
2
SIGNATURE
�
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.
�
�
� | FORESTAR GROUP INC. | ||
� | � | ||
� | � | ||
Date: December 8, 2014 | By: | /s/ David M. Grimm | |
� | Name: | David M. Grimm | |
� | Title: | Chief Administrative Officer, General Counsel and Secretary | |
3
EXHIBIT�INDEX
�
Exhibit No. | � | Description of Exhibit |
� | � | � |
99.1 | � | Press Release issued by the Company on December 8, 2014. |
4
Exhibit 99.1
NEWS
RELEASE
FOR IMMEDIATE RELEASE
CONTACT: ����Anna E. Torma
(512) 433-5312
FORESTAR ANNOUNCES PLAN TO EXPLORE STRATEGIC ALTERNATIVES TO ENHANCE SHAREHOLDER VALUE
AUSTIN, TEXAS, December 8, 2014 - Forestar Group Inc. ("Forestar") (NYSE: FOR) today announced that its Board of Directors, working together with its management team and financial advisor, Goldman, Sachs & Co., is exploring strategic alternatives to enhance shareholder value. This analysis will include a review of alternatives with respect to the oil and gas business.
There is no assurance that exploration of strategic alternatives will result in any transaction being consummated. The company does not intend to discuss or disclose further developments during this process until its review is complete.
About Forestar Group
Forestar Group Inc. operates in three business segments: real estate, oil and gas and other natural resources. At third quarter-end 2014, the real estate segment owns directly or through ventures almost 120,000 acres of real estate located in ten states and 13 markets in the U.S. The real estate segment has 11 real estate projects representing approximately 24,400 acres currently in the entitlement process, and 73 entitled, developed and under development projects in eight states and 13 markets encompassing over 11,300 acres, comprised of almost 17,800 planned residential lots and approximately 2,000 commercial acres. The oil and gas segment includes approximately 948,000 net acres of oil and gas mineral interests, with approximately 590,000 acres of fee ownership located principally in Texas, Louisiana, Alabama, and Georgia and approximately 358,000 net acres of leasehold interests principally located in Nebraska, Kansas, Oklahoma, North Dakota and Texas. These leasehold interests include about 8,000 net mineral acres in the core of the prolific Bakken and Three Forks formations. The other natural resources segment includes sale of wood fiber and management of our recreational leases, and approximately 1.5 million acres of groundwater resources, including a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 20,000 acres of groundwater leases in central Texas. Forestars address on the World Wide Web is www.forestargroup.com.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are typically identified by words or phrases such as will, anticipate, estimate, expect, project, intend, plan, believe, target, forecast, and other words and terms of similar meaning. These statements reflect managements current views with respect to future events and are subject to risk and uncertainties. We note that a variety of factors and uncertainties could cause our actual results to differ significantly from the results discussed in the forward-looking statements, including but not limited to: general economic, market, or business conditions; changes in commodity prices; opportunities (or lack thereof) that may be presented to us and that we may pursue; fluctuations in costs and expenses including development costs; demand for new housing, including impacts from mortgage credit rates or availability; lengthy and uncertain entitlement processes; cyclicality of our businesses; accuracy of accounting assumptions; competitive actions by other companies; changes in laws or regulations; and other factors, many of which are beyond our control. Except as required by law, we expressly disclaim any obligation to publicly revise any forward-looking statements contained in this news release to reflect the occurrence of events after the date of this news release.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Forestar Group (FOR) Tops Q2 EPS by 16c
- Black Construction Awarded Three Projects in Diego Garcia Totaling $54.5 Million
- Orion Group’s Facilities Maintenance Business Enters Lock, Door, Safe, and Access Control Market Through Partnership with Academy Locksmith
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
