ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, December 17, 1996 TAG: 9612170041
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: GREG EDWARDS
Texas' Bass family and companies with which the family is affiliated have increased their stake in Roanoke Electric Steel Corp. to 5.1 percent, according to a Dec. 12 filing with the U.S. Securities and Exchange Commission.
Joe Crawford, Roanoke Electric Steel's corporate secretary, said Monday the Basses have been shareholders in the company for many years. "They feel like we have a strong company and the stock's a bargain," Crawford said.
The Basses are friendly shareholders, and the company does not view their increased holdings as an indication of anything other than their investment interest, Crawford said.
On Dec. 3, the Basses and affiliated companies bought 43,100 shares of Roanoke Electric Steel, giving them control of more than 5 percent of the company's common stock and triggering the SEC filing. The family and affiliated companies now control 391,100 of the company's 7,699,147 outstanding shares.
Involved in the Dec. 12 filing were the Bass Management Trust, Perry R. Bass, Nancy L. Bass, Sid R. Bass, Lee M. Bass, Edward P. Bass, Thomas M. Taylor and Co., and Wesley Guylay Capital Management, all of which give Fort Worth business or residence addresses. Also involved in the filing is Wesley Richard Guylay, whose business address is in New York City.
The oil-rich Bass family is one of America's wealthiest; together, they are worth roughly $8 billion, according to Forbes magazine.
The estate of the late John W. Hancock Jr., the founder of Roanoke Electric Steel, is the only other entity now owning more than 5 percent of the company's stock. Hollins College owned 5.4 percent of the company before selling nearly half of its holdings back to the company in April.
LENGTH: Short : 39 linesby CNB