GPU, Inc. Subsidiary Announces Notice of Redemption.MORRISTOWN, NJ--(BUSINESS WIRE)--Nov. 24, 1999-- Jersey Central Power & Light Company, a subsidiary of GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Inc. (NYSE NYSE See: New York Stock Exchange :GPU), today announced that it will redeem all of its outstanding 7.88% Series E Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. . Pursuant to the redemption provisions, on December 27, 1999, Jersey Central Power & Light Company will redeem 250,000 shares of outstanding Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. at the Redemption Price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $103.65, plus $1.19913 per share of equivalent dividend per share to the Redemption Date. Payment of the Redemption Price shall be made on or after the Redemption Date, as soon as practicable after presentation and surrender of certificates via hand delivery to ChaseMellon Shareholder Services L.L.C., 120 Broadway, 13th Floor, New York, NY 10271, or by mail, to ChaseMellon Shareholder Services, L.L.C., P.O. Box 3302, South Hackensack, New Jersey South Hackensack Township is a township in Bergen County, New Jersey, United States. As of the United States 2000 Census, the township population was 2,249. South Hackensack was formed as a township by an Act of the New Jersey Legislature on November 15, 1935, replacing , 07606. GPU, Inc. (NYSE: GPU), headquartered in Morristown, NJ, is a registered public utility holding company providing utility and utility-related services to customers throughout the world. GPU serves 4.6 million customers directly through its electric companies -- GPU Energy in the US, Midlands Electricity plc. in the UK. and Emdersa in Argentina. It serves another 1.4 million customers indirectly through its electric and gas transmission subsidiaries GasNet and PowerNet in Australia. The company's independent power project business units own interests in and operate 22 projects in 7 countries and the US. GPU's 1998 revenues were $ 4.3 billion and its total assets were $16.3 billion. GPU's other subsidiaries include GPU Advanced Resources, Inc., GPU Generation, Inc., GPU International, Inc., GPU Nuclear, Inc., GPU Service, Inc. and GPU Telcom Services, Inc. (http://www.gpu.com) |
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