UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OFTHE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 20, 2007
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AMREP CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Oklahoma 1-4702 59-0936128
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(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification Number)
300 Alexander Park, Suite 204, Princeton, New Jersey 08540
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (609) 716-8200
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) Elmer F. Hansen, Jr. resigned from the Board of Directors of the
Registrant effective March 20, 2007.
(d) At a meeting held March 20, 2007, the Board of Directors of the
Registrant elected Jonathan B. Weller as a member of Class III of the
Registrant's Board to fill the vacancy created by the resignation of Elmer F.
Hansen, Jr. The term of the Registrant's Class III Directors continues until the
Registrant's 2008 Annual Meeting of Shareholders. The Board also elected Mr.
Weller as a member of the Audit Committee.
Mr. Weller will be compensated for his services as a Board and Audit
Committee member in accordance with the Registrant's present director
compensation policy, as follows:
For Board membership - an annual fee of $80,000 per annum,
payable in equal quarterly installments, in arrears, on or about the
first day of December, March, June and September;
For attendance at Board meetings - $1,500 for each meeting
attended in person and $500 for each meeting attended by telephone,
unless, in the case of a telephonic meeting, the Board determines that
the meeting and the attendant preparation were so brief that no
payment is warranted; and
For Audit Committee membership - an annual fee of $5,000 payable
in equal quarterly installments, in arrears, on or about the first day
of December, March, June and September and no attendance fee.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMREP CORPORATION
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(Registrant)
By: /s/Peter M Pizza
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Peter M. Pizza
Vice President and
Chief Financial Officer
Date: March 21, 2007
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