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Rail News Home Financials

3/9/2004



Rail News: Financials

Taking stock: GWI's Fuller enters into Variable Prepaid Forward transaction


On March 9, Genesee & Wyoming Inc. (GWI) announced that Chairman and Chief Executive Officer Mortimer Fuller III had entered into a Variable Prepaid Forward (VPF) transaction with Credit Suisse First Boston for about 150,000 GWI shares — or about 10 percent of the GWI shares Fuller beneficially owns.

The VPF transaction essentially is a tax deferred forward sale of GWI shares, with Fuller retaining a portion of the future upside interest if GWI's stock price increases during the next three years.

"Mr. Fuller chose a VPF transaction in order to demonstrate his continued confidence in the company while permitting him to diversify and monetize a portion of his investment at the same time," according to a prepared statement.

GWI owns or retains interest in more than 20 regionals and short lines in the United States, Canada, Mexico, Bolivia and Australia.




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