Sec Form 13D Filing - DAHL JAMES H filing for AMREP CORP. (AXR) - 2021-12-13

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934 (Amendment No. 2)*

 

AMREP Corporation
(Name of Issuer)

 

Common Stock, par value $0.10 per share
(Title of Class of Securities)

 

032159105
(CUSIP Number)

 

James H. Dahl

4314 Pablo Oaks Court

Jacksonville, FL 32224

(904) 329-4470

 

With copy to:

 

Ivan A. Colao, Esq.

Holland & Knight LLP

50 North Laura Street, Suite 3900

Jacksonville, FL 32202

(904) 353-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 10, 2021
(Date of Event which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ¨.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d-7(b) for other parties to whom copies are to be sent.

 

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

 

SCHEDULE 13D

 

CUSIP No. 032159105

  

1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
James H. Dahl
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

3 SEC USE ONLY
 
4 SOURCE OF FUNDS (See Instructions)
PF, OO
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
¨
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
551,307
8 SHARED VOTING POWER
155,704
9 SOLE DISPOSITIVE POWER
551,307
10 SHARED DISPOSITIVE POWER
155,704

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
707,011
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
¨
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%*
14 TYPE OF REPORTING PERSON (See Instructions)
IN

 

* This calculation is based on 7,336,370 Shares of Common Stock outstanding as of December 3, 2021 reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on December 8, 2021.

 

 

 

 

CUSIP No. 032159105

  

1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Rainey E. Lancaster
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  x

(b)  ¨

3 SEC USE ONLY
 
4 SOURCE OF FUNDS (See Instructions)
PF
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
¨
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7 SOLE VOTING POWER
0
8 SHARED VOTING POWER
155,704
9 SOLE DISPOSITIVE POWER
0
10 SHARED DISPOSITIVE POWER
155,704

11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
155,704
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
¨
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%*
14 TYPE OF REPORTING PERSON (See Instructions)
IN

 

* This calculation is based on 7,336,370 Shares of Common Stock outstanding as of December 3, 2021 reported in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2021, filed with the SEC on December 8, 2021.

 

 

 

 

 

This Amendment No. 2 to Schedule 13D (“Amendment No. 2”) amends and supplements the information set forth in the Schedule 13D filed by (i) James H. Dahl and (ii) Rainey E. Lancaster (each, a “Reporting Person” and collectively, the “Reporting Persons”) with the SEC on May 20, 2021 (the “Schedule 13D”), as amended by Amendment No. 1 to Schedule 13D filed by the Reporting Persons with the SEC on September 2, 2021 (“Amendment No. 1,” and, together with the Schedule 13D, the “Amended Schedule 13D”), relating to the Common Stock, par value $0.10 per share (“Shares”), of AMREP Corporation (the “Issuer”), having a principal executive office at 850 West Chester Pike, Suite 205, Havertown, Pennsylvania 19083. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Amended Schedule 13D. Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Amended Schedule 13D.

 

Item 3. Source and Amount of Funds or Other Considerations.

 

Item 3 of the Amended Schedule 13D is amended and restated to read as follows:

 

The Reporting Persons may be deemed to beneficially own 707,011 Shares, in aggregate. The amount and source of the funds for the transactions pursuant to which the Reporting Persons may be deemed to beneficially own such Shares were approximately $7,882,535.30 in aggregate purchase price for 707,011 Shares, derived from: (i) in the case of James H. Dahl, personal funds of James H. Dahl and funds from the following trusts for which James H. Dahl serves as trustee: IRA FBO James H. Dahl Pershing LLC as Custodian ROTH Conversion Account, IRA FBO James H. Dahl Pershing LLC as Custodian and Dahl Family Foundation, Inc.; and (ii) in the case of Rainey E. Lancaster, personal funds of Rainey E. Lancaster.

  

Item 5. Interest in Securities of the Issuer.

 

Item 5 of the Amended Schedule 13D is amended and restated to read as follows: 

 

(a)         According to the most recently filed Quarterly Report on Form 10-Q of the Issuer for the quarter ended October 31, 2021, filed with the SEC on December 8, 2021, the Issuer had 7,336,370 Shares outstanding as of December 3, 2021. Each Reporting Person may be deemed to have the following beneficial ownership of Shares of the Issuer: (i) James H. Dahl may be deemed to beneficially own 707,011 Shares, in aggregate (or 9.6% of the total number of Shares outstanding); and (ii) Rainey E. Lancaster may be deemed to beneficially own 155,704 Shares (or 2.1% of the total number of Shares outstanding). All holdings in this Statement on Schedule 13D are reported as of the closing of business on December 13, 2021.

 

(b)         James H. Dahl has sole power to vote and dispose of 551,307 Shares, including: (i) 235,351 Shares held directly, (ii) 196,836 Shares held by IRA FBO James H. Dahl Pershing LLC as Custodian ROTH Conversion Account, (iii) 25,000 Shares held by IRA FBO James H. Dahl Pershing LLC as Custodian, and (iv) 94,120 Shares held by Dahl Family Foundation, Inc. Neither James H. Dahl nor any member of his family have any pecuniary interest in Shares held by Dahl Family Foundation, Inc. The Reporting Persons have shared power to vote and dispose of 155,704 Shares held by Rainey E. Lancaster.

 

(c)         The Reporting Persons effected the following transactions in the Shares in open market transactions on the dates indicated, and such transactions are the only transactions in the Shares by the Reporting Persons during the sixty days prior to and including December 13, 2021 (date range: October 15, 2021 through December 13, 2021):

 

Date of Transaction Number of Shares
Purchased
Price Per Share
10/25/2021 50,000 $14.25
11/4/2021 7,000 $14.56
11/5/2021 300 $14.47

 

 

 

 

11/8/2021 5,000 $15.21
11/24/2021 2,900 $13.31
12/1/2021 4,173 $13.01
12/2/2021 1,000 $13.17
12/3/2021 852 $13.27
12/6/2021 208 $13.37
12/7/2021 428 $13.41
12/10/2021 17,843 $15.38

12/13/2021 6,000 $16.12

 

(d)      No person other than the Reporting Persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Statement on Schedule 13D.

 

(e)      Not applicable.

   

Item 7. Material to Be Filed as Exhibits.

 

Exhibit

Number

  Description
99.1   Joint Filing Agreement, dated May 20, 2021, incorporated herein by reference to Exhibit 99.1 of the Schedule 13D filed on May 20, 2021

 

 

 

 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

 

December 13, 2021

 

  /s/ James H. Dahl
  JAMES H. DAHL

 

  /s/ Rainey E. Lancaster
  RAINEY E. LANCASTER