Amrep director controls 60.9% of company's stock

By Lisa Kerner

Charlotte, N.C., Jan. 11 - Amrep Corp. director Nicholas G. Karabots reported beneficial ownership of some 3.67 million shares, or 60.9%, of the company's outstanding common stock.

The shares were acquired as an investment through open market purchases and privately negotiated transactions, according to a schedule 13D filing with the Securities and Exchange Commission.

Karabots may, alone or with others, seek to acquire additional or all of the remaining shares of common stock, through open market purchases, privately negotiated transactions, a negotiated merger or tender offer, the filing stated.

Karabots offered no assurances as to whether or not he will acquire additional, or dispose of, shares of common stock.

As a shareholder, Karabots may make suggestions to Amrep including acquisitions and dispositions, as well as composition of the company's board of directors.

Princeton, N.J.-based Amrep engages in real estate development, fulfillment services and newsstand distribution services through its subsidiaries.

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