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CENTRAL HUDSON GAS & ELECTRIC CORPORATION TO REDEEM 32,000 OF ITS 800,000 DEPOSITORY PREFERRED SHARES PURSUANT TO A MANDATORY SINKING FUND

 POUGHKEEPSIE, N.Y., Feb. 12 /PRNewswire/ -- Central Hudson Gas & Electric Corporation (NYSE: CNH) announced today that it will redeem on March 30, 1993, 32,000 of 800,000 outstanding depository preferred shares, each representing one-quarter of a share of adjustable rate cumulative preferred stock, Series A, and which are evidenced by depository receipts, at the redemption price of $25.00 per share, plus accumulated and unpaid dividends, if any, accrued to the date of redemption. Since the board of directors of the company is expected to declare a dividend on such shares of $.425 per share to holders of record on March 10, 1992, payable April 1, 1993, that dividend would be paid to holders of the shares selected for redemption in the normal manner and not as part of the redemption price.
 In making the announcement, Central Hudson Chairman of the Board and Chief Executive Officer John E. Mack III said, "The redemption of these shares is pursuant to the mandatory sinking fund provisions of our certificate of incorporation that relate to this series of preferred stock."
 The shares to be redeemed shall be selected by lot based upon the record of such shares as of the close of business on Feb. 22, 1993 ("record date"). The transfer books will be closed from the record date and will reopen on March 1, 1993. The shares selected for redemption will not be permitted to be transferred. Notice of the redemption and instructions for delivery of the shares to be redeemed shall be mailed, Feb. 26, 1993 to all holders of depository receipts relating to the depository preferred shares to be redeemed. The transfer agent and registrar for the depository preferred shares is First Chicago Trust Company of New York, P.O. Box 2992, Church Street Station, New York, N.Y. 10008-2992, located at 30 West Broadway, New York, N.Y. 10007, which will act as redemption agent.
 -0- 2/12/93
 /CONTACT: Tim Massie of Central Hudson, 914-471-8323/
 (CNH)


CO: Central Hudson Gas & Electric Corporation ST: New York IN: UTI SU:

TM-WB -- NY049 -- 6303 02/12/93 16:50 EST
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Publication:PR Newswire
Date:Feb 12, 1993
Words:350
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