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Filing Details

Accession Number:: 0001181431-13-039996
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2013-07-15 19:01:38
Reporting Period:: 2013-07-11

Filing Date:: 2013-07-15
Accepted Time:: 2013-07-15 19:01:38
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1090425	Lamar Advertising Cow	LAMR	Services-Advertising Agencies (7311)	721449411

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
919468	Spo Advisory Corp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
948279	Sf Advisory Partners Lp	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1046206	Spo Partners Ii Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1202553	H John Scully	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252456	Spo Advisory Partners Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252458	San Francisco Partners Lp	591 Redwood Highway, Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252462	J Eli Weinberg	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252464	H Edward Mcdermott	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No
1252480	Foundation Snow Phoebe	591 Redwood Highway , Suite 3215 Mill Valley CA 94941	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2013-07-11	335,000	$44.97	7,987,614	No	4	S	Indirect	See footnotes
Common Stock	Disposition	2013-07-12	150,000	$44.96	7,839,214	No	4	S	Indirect	See footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See footnotes
No	4	S	Indirect	See footnotes

Footnotes

The entities directly selling these shares reported in this filing are SPO Partners II, L.P. ("SPO Partners"), which sold 457,800 shares, San Francisco Partners, L.P. ("SF Partners"), which sold 22,100 shares, and Phoebe Snow Foundation ("PSF"), which sold 5,100 shares. The range of prices for the sales on 7/11/13, reported on Line 1 above, was $44.79-45.11, and the range of prices for the sales on 7/12/13, reported on Line 2 above, was $44.79-45.11.
As a result of the sales causing this filing, 7,478,484 shares are owned directly by SPO Partners, and may be deemed to be indirectly beneficially owned by (i) SPO Advisory Partners, L.P. ("SPO Advisory"), the sole general partner of SPO Partners, (ii) SPO Advisory Corp. ("SPO Corp."), the sole general partner of SPO Advisory, and (iii) John H. Scully ("JHS"), Edward H. McDermott ("EHM") and Eli J. Weinberg ("EJW"), the three controlling persons of SPO Corp. Additionally, as a result of the sales causing this filing, 360,730 shares are owned directly by SF Partners, and may be deemed to be indirectly beneficially owned by (i) SF Advisory Partners, L.P. ("SF Advisory"), the sole general partner of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS, EHM and EJW, the three controlling persons of SPO Corp.
Additionally, as a result of the sales causing this filing, PSF owns 82,600 shares. Additionally, JHS owns 13,000 shares in his IRAs, which are self directed, EHM owns 600 shares in his IRA, which is self directed, and EJW directly owns 126 shares. Additionally, EHM directly owns 3,234 shares of the issuer's common stock. These shares were granted to EHM when he was a director of the company. Pursuant to the partnership agreement governing SPO Partners, these shares owned by EHM may be deemed to be indirectly beneficially owned by SPO Partners, along with any profits arising from the sale of the aforementioned shares.
A portion of the shares sold in this transaction causing this filing is a transaction that is matchable under Section 16(b) of the Securities Exchange Act of 1934. The matchable shares represent less than 0.01% of the outstanding shares held by the reporting persons and are matchable as a result of an internal restructuring that amounted to an indirect purchase. A reporting person included in the filing is disgorging the deemed profits from this transaction to the issuer from the sale of these shares.