FRP Holdings Inc. announced Tuesday its board of directors unanimously approved the separation of its freight transportation business, Patriot Transportation Holding Inc., soon to be known as New Patriot, from its real estate business.
FRPH's real estate business will continue under the name FRP Holdings Inc. The board also approved a dividend of New Patriot common stock on January 31, for FRPH common shareholders of record as of the close of business on January 9. FRPH shareholders will receive one share of New Patriot common stock for every three shares of FRPH common stock held by them on the record date.
After the distribution, New Patriot will be an independent company, and FRPH will retain no ownership interest. New Patriot has received approval for the listing of its common stock on NASDAQ and will begin trading under the symbol "PATI" on February 2.
FRP Holdings Inc. is engaged in the transportation and real estate businesses. The company's transportation business is conducted through Florida Rock & Tank Lines Inc., concentrating in the hauling by motor carrier of liquid and dry bulk commodities.
The company's real estate group, made up of FRP Development Corp. and Florida Rock Properties Inc., acquires, constructs, leases, operates and manages land and buildings. The real estate group also owns real estate, which is leased under mining royalty agreements or held for investment.