UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 17)
AMREP CORPORATION
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(Name of Issuer)
Common Stock, $.10 par value
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(Title of Class of Securities)
032159105
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(CUSIP Number)
Nicholas G. Karabots
P.O. Box 736
Ft. Washington, PA 19034 (215) 643-5800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 25, 2008
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(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Sections 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 Section 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).
CUSIP No. 032159105
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(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Nicholas G. Karabots
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(2) CHECK THE APPROPRIATE BOX IF A (a) [ ]
MEMBER OF A GROUP* (b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
PF
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(5) CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH 1,291,198
REPORTING PERSON -----------------------------------------
WITH (8) SHARED VOTING POWER
0
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(9) SOLE DISPOSITIVE POWER
1,291,198
-----------------------------------------
(10) SHARED DISPOSITIVE POWER
0
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,291,198
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN [ ]
ROW (11) EXCLUDES CERTAIN SHARES*
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.5%
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(14) TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT
2
CUSIP No. 032159105
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(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Glendi Publications, Inc. 59-2235938
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(2) CHECK THE APPROPRIATE BOX IF A (a) [ ]
MEMBER OF A GROUP* (b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
Not applicable
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(5) CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH 1,391,180
REPORTING PERSON -----------------------------------------
WITH (8) SHARED VOTING POWER
0
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(9) SOLE DISPOSITIVE POWER
1,391,180
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(10) SHARED DISPOSITIVE POWER
-0-
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,391,180
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN [ ]
ROW (11) EXCLUDES CERTAIN SHARES*
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.2%
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(14) TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT
3
CUSIP No. 032159105
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(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
Kappa Media Group, Inc. 23-3047713
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(2) CHECK THE APPROPRIATE BOX IF A (a) [ ]
MEMBER OF A GROUP* (b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
Not applicable
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(5) CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH 410,000
REPORTING PERSON -----------------------------------------
WITH (8) SHARED VOTING POWER
0
-----------------------------------------
(9) SOLE DISPOSITIVE POWER
410,000
-----------------------------------------
(10) SHARED DISPOSITIVE POWER
0
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
410,000
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN [ ]
ROW (11) EXCLUDES CERTAIN SHARES*
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.8%
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(14) TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
4
CUSIP No. 032159105
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(1) NAMES OF REPORTING PERSONS.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY).
The Karabots Foundation 23-2939856
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(2) CHECK THE APPROPRIATE BOX IF A (a) [ ]
MEMBER OF A GROUP* (b) [ ]
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
Not applicable
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(5) CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e)
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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NUMBER OF SHARES (7) SOLE VOTING POWER
BENEFICIALLY
OWNED BY EACH 502,119
REPORTING PERSON -----------------------------------------
WITH (8) SHARED VOTING POWER
0
-----------------------------------------
(9) SOLE DISPOSITIVE POWER
502,119
-----------------------------------------
(10) SHARED DISPOSITIVE POWER
0
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
502,119
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(12) CHECK BOX IF THE AGGREGATE AMOUNT IN [ ]
ROW (11) EXCLUDES CERTAIN SHARES*
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.4%
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(14) TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
5
This Amendment No. 17 to Schedule 13D ("Amendment No. 17") amends and
supplements the prior statement on Schedule 13D (the "Statement") as filed by
Nicholas G. Karabots and certain affiliates related to the Common Stock (the
"Common Stock"), $.10 par value, of AMREP Corporation, an Oklahoma corporation
(the "Corporation"). The Statement has been previously amended by Amendment No.
16 to Schedule 13D filed on January 11, 2008, Amendment No. 15 to Schedule 13D
filed on October 28, 2002, Amendment No. 14 to Schedule 13D filed on January 4,
2002, Amendment No. 13 to Schedule 13D filed November 30, 2001, Amendment No. 12
to Schedule 13D filed on October 24, 2001, Amendment No. 11 to Schedule 13D
filed on June 6, 2000, Amendment No. 10 to Schedule 13D filed on July 31, 1996,
Amendment No. 9 to Schedule 13D filed on September 25, 1995, Amendment No. 8 to
Schedule 13D filed on January 12, 1995, Amendment No. 7 to Schedule 13D filed on
January 5, 1995, Amendment No. 6 to Schedule 13D filed on September 15, 1994,
Amendment No. 5 to Schedule 13D initially filed on June 2, 1994, Amendment No. 4
to Schedule 13D filed on March 1, 1994, and Amendment No. 3 to Schedule 13D
filed on January 31, 1994. Amendment No. 3 to Schedule 13D amended and restated
the entire text of the Statement on Schedule 13D filed on August 4, 1993, as
amended by Amendment No. 1 filed on December 22, 1993 and Amendment No. 2 filed
on January 21, 1994. In the event that any disclosure contained in this
Amendment No. 17 is inconsistent with the disclosures contained in the
Statement, the disclosures contained herein shall supersede such inconsistent
disclosures from the date of this Amendment No. 17.
Item 1. Security and Issuer
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There are no amendments to Item 1 of the Statement pursuant to this
Amendment No. 17.
Item 2. Identity and Background
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There are no amendments to Item 2 of the Statement pursuant to this
Amendment No. 17.
Item 3. Source and Amounts of Funds or Other Consideration
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There are no amendments to Item 3 of the Statement pursuant to this
Amendment No. 17.
Item 4. Purpose of the Transaction.
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The third paragraph of Item 4 of the Statement is hereby amended and
restated in its entirety as follows:
As of January 7, 2008, the Foundation had deposited for sale 447,165 shares
of Common Stock with J.P. Morgan Securities, Inc. ("JPMSI") pursuant to a plan
of disposition (the "10b-5-1 Plan") adopted in accordance with rule 10b-5-1 of
the Securities Exchange Act of 1934 and in accordance with Section 4943 of the
Internal Revenue Code of 1986 regarding the disposition of excessive business
holdings. On March 24, 2008, JPMSI began effectuating the sales of shares of
Common Stock pursuant to the 10b-5-1 Plan.
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Item 5. Interest in Securities of the Company.
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Item 5 of the Statement is hereby amended by deleting the paragraphs (a),
(b) and (c) thereof and substituting therefor the following:
(a) Mr. Karabots beneficially owns all of the 3,611,497 shares of the
Common Stock reported on this Statement, which shares represent approximately
60.2% of the outstanding shares of the Common Stock.(1) Mr. Karabots
beneficially owns 1,291,198 of the outstanding shares of the Common Stock
directly; 1,391,180 of such shares indirectly through Glendi; 410,000 of such
shares indirectly through Kappa, and the remaining 502,119 of such shares
indirectly through the Foundation. Mr. Karabots does not have a pecuniary
interest in the shares held by the Foundation.
(b) Mr. Karabots has sole voting and sole dispositive power as to the
following: the 1,291,198 outstanding shares of the Common Stock that he owns
directly; the 1,391,180 of such shares of the Common Stock owned indirectly
through Glendi; the 410,000 of such shares of the Common Stock owned indirectly
through Kappa; and 502,119 shares owned by the Foundation, as reported on this
Statement. In addition, 500 of the shares of Common Stock beneficially owned by
Mr. Karabots represent options to purchase Common Stock issued under the
Corporation's Non-Employee Directors Option Plan which are currently
exercisable.
(c) On December 26, 2007, Mr. Karabots purchased 1,500 shares of Common
Stock at a purchase price per share of $29.80. Mr. Karabots purchased 1,500
shares of Common Stock at a purchase price per share of $30.49 on December 27,
2007. Mr. Karabots, on December 28, 2007, purchased 1,500 shares of Common Stock
at a purchase price per share of $30.25; 5,000 shares of Common Stock at a
purchase price per share of $30.00; and 1,000 shares of Common Stock at a
purchase price per share of $30.10. Mr. Karabots purchased 5,000 shares of
Common Stock at a purchase price per share of $28.93 on December 31, 2007. Mr.
Karabots made all of the above purchases in the open market with his personal
funds.
On January 2, 2008, Mr. Karabots purchased 5,000 shares of Common Stock at
a purchase price per share of $30.65. Mr. Karabots, on January 4, 2008,
purchased 3,000 shares of Common Stock at a purchase price per share of $29.99;
8,000 shares of Common Stock at a purchase price per share of $29.40; 3,500
shares of Common Stock at a purchase price per share of $30.48; 5,000 shares of
------------------------
(1) The percentage of outstanding shares of Common Stock was calculated with
reference to the number of shares outstanding as of February 29, 2008, reported
in the Corporation's Quarterly Report on Form 10-Q for the quarterly period
ended January 31, 2008, stated therein as amounting to 5,995,212.
7
Common Stock at a purchase price per share of $29.50; and 8,000 shares of Common
Stock at a purchase price per share of $29.80. Mr. Karabots, on January 8, 2008,
purchased 5,000 shares of Common Stock at a purchase price per share of $29.05;
3,500 shares of Common Stock at a purchase price per share of $29.10; 2,500
shares of Common Stock at a purchase price per share of $29.2116; 3,500 shares
of Common Stock at a purchase price per share of $29.1899; and 5,000 shares of
Common Stock at a purchase price per share of $29.35. On January 9, 2008, Mr.
Karabots purchased 8,000 shares of Common Stock at a purchase price per share of
$28.75; and 5,000 shares of Common Stock at a purchase price per share of
$28.55. Mr. Karabots made all of the above purchases in the open market with his
personal funds.
Pursuant to the 10b-5-1 Plan, the Foundation has sold, in open market
transactions on the New York Stock Exchange, shares of Common Stock as follows:
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| Aggregate Number of | Average Sales
Date | Shares Sold | Price Per Share
---------------------------|------------------------------|--------------------
March 24, 2008 | 1,502 | $55.06
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April 15, 2008 | 2,134 | $55.00
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April 16, 2008 | 12,100 | $55.43
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April 17, 2008 | 4,304 | $55.01
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April 18, 2009 | 12,500 | $55.06
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April 21, 2008 | 2,100 | $55.07
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April 23, 2008 | 3,306 | $55.00
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April 24, 2008 | 12,200 | $55.21
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April 25, 2008 | 10,500 | $55.45
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April 28, 2008 | 12,500 | $56.10
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April 29, 2008 | 4,900 | $56.28
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Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
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Securities of the Company.
--------------------------
There are no amendments to Item 6 of the Statement pursuant to this
Amendment No. 17.
Item 7. Material Filed as Exhibits.
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There are no amendments to Item 7 of the Statement pursuant to this
Amendment No. 17.
8
Signatures
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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.
Date: May 2, 2008 /s/ Nicholas G. Karabots
-----------------------------------
Nicholas G. Karabots
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.
GLENDI PUBLICATIONS, INC.
Date: May 2, 2008 /s/ Nicholas G. Karabots
-----------------------------------
Nicholas G. Karabots
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.
KAPPA MEDIA GROUP, INC.
Date: May 2, 2008 /s/ Nicholas G. Karabots
-----------------------------------
Nicholas G. Karabots
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.
THE KARABOTS FOUNDATION
Date: May 2, 2008 /s/ Nicholas G. Karabots
-----------------------------------
Nicholas G. Karabots