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EspañolWCI COMMUNITIES
'WCI Communities, Inc.' is a homebuilding company in the United States that provides design, construction, financing, land purchases, marketing, and community management. WCI is based in Bonita Springs, Florida and had about 2,900 employees until 2006 when a building recession resulted in layoffs of more than 500 workers. WCI builds primary residences, second homes, retirement homes, condo tower homes, and golf course communities in Florida, New York, New Jersey, Connecticut, Maryland, and Virginia. WCI has developed more than 30 communities in Florida and developments in southwest Florida include Pelican Preserve, Gulf Harbour, and Pelican Landing.
WCI communities currently feature approximately 600 holes of golf and 1,000 boat slips as well as country club, tennis and recreational facilities. In addition to its realty, mortgage, and title businesses, WCI operates many of the clubhouses, golf courses, restaurants, and marinas in the 30 communities it manages. WCI currently owns and controls over 14,000 acres (57 km²) of developable land in Florida.
The National Association of Home Builders and ''Builder Magazine'' named WCI "America's Best Builder" in 2004.[1]
WCI traces its roots back to 1946 when it was a unit of the old Westinghouse Electric Corp. WCI's current (2007) Chief Executive Officer is Jerry L. Starkey.
On January 16, 2007 it was disclosed in a Securities and Exchange Commission filing that Carl Icahn is the beneficial owner of 14.57%, or 6.1 million shares, of WCI Communities Inc. In the filing Mr. Icahn indicated that he intends to contact WCI to discuss how to "unlock the inherent value" of its shares. WCI responded by adopting a shareholder rights plan that would dilute WCI's holdings with stock options if any one investor collected more than 15 percent of WCI stock.[2]
Icahn made a $22 per share tender offer for WCI in March 2007 which WCI has called inadequate. On May 8, WCI reported a net loss in the three months ending March 31 of $15.8 million, or 38 cents per share, compared with net income of $40.2 million or 89 cents per share a year earlier. Investors will vote at WCI's annual meeting on June 15 on whether to replace the board of directors with Icahn's slate.
WCI stock reached a high of $24.20 on February 16, 2007 after Icahn announced he had bought some WCI stock. By July 27, 2007 the stock had plunged about 60% to $9.87 compared to the February high. WCI announced on July 26 that it had been unable to attract a committed buyer.[3]
Shareholder rights plan
1. Public Home Builders Council of America (2004). WCI Communities, Inc.
2. ''Icahn moves to oust WCI's board'', by Tim Engstrom, The News-Press (Florida Newspaper), Feb 17, 2007
3. News-Press article by Tim Engstrom, July 27, 2007
★ WCI Communities Inc.
WCI communities currently feature approximately 600 holes of golf and 1,000 boat slips as well as country club, tennis and recreational facilities. In addition to its realty, mortgage, and title businesses, WCI operates many of the clubhouses, golf courses, restaurants, and marinas in the 30 communities it manages. WCI currently owns and controls over 14,000 acres (57 km²) of developable land in Florida.
The National Association of Home Builders and ''Builder Magazine'' named WCI "America's Best Builder" in 2004.[1]
WCI traces its roots back to 1946 when it was a unit of the old Westinghouse Electric Corp. WCI's current (2007) Chief Executive Officer is Jerry L. Starkey.
On January 16, 2007 it was disclosed in a Securities and Exchange Commission filing that Carl Icahn is the beneficial owner of 14.57%, or 6.1 million shares, of WCI Communities Inc. In the filing Mr. Icahn indicated that he intends to contact WCI to discuss how to "unlock the inherent value" of its shares. WCI responded by adopting a shareholder rights plan that would dilute WCI's holdings with stock options if any one investor collected more than 15 percent of WCI stock.[2]
Icahn made a $22 per share tender offer for WCI in March 2007 which WCI has called inadequate. On May 8, WCI reported a net loss in the three months ending March 31 of $15.8 million, or 38 cents per share, compared with net income of $40.2 million or 89 cents per share a year earlier. Investors will vote at WCI's annual meeting on June 15 on whether to replace the board of directors with Icahn's slate.
WCI stock reached a high of $24.20 on February 16, 2007 after Icahn announced he had bought some WCI stock. By July 27, 2007 the stock had plunged about 60% to $9.87 compared to the February high. WCI announced on July 26 that it had been unable to attract a committed buyer.[3]
| Contents |
| References |
| External Links |
References
Shareholder rights plan
1. Public Home Builders Council of America (2004). WCI Communities, Inc.
2. ''Icahn moves to oust WCI's board'', by Tim Engstrom, The News-Press (Florida Newspaper), Feb 17, 2007
3. News-Press article by Tim Engstrom, July 27, 2007
External Links
★ WCI Communities Inc.
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