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LINCOLN N.C. REALTY FUND DECLARES RESULTS OF STOCKHOLDERS MEETING

 PALO ALTO, Calif., Dec. 30 /PRNewswire/ -- Lincoln N. C. Realty Fund Inc. (AMEX: LRF; PSE) announced that, at the Special Meeting of Stockholders which was held today, the company's stockholders (1) authorized the company's board of directors to negotiate amendments to the Purchase and Sale Agreement concerning the company's Wrigley Creek Property (the "Agreement") and to complete such sale pursuant to the Agreement, as so amended, so long as aggregate Liquidating Distributions of at least $4.80 per share are generated from the transaction, and (2) approved the company's Plan of Dissolution and Liquidation, which would be implemented only after the completion of the sale of the Wrigley Creek Property pursuant to the Agreement, as amended. However, notwithstanding the fact that the company's stockholders have authorized the board to negotiate amendments to the Agreement, there can be no assurance that the board will be able to successfully negotiate such amendments on terms satisfactory to the company. Moreover, since the Agreement provides that the closing of the transaction must occur on or before Dec. 31, 1992, and since certain outstanding issues, as described in the Addendum to Proxy Statement dated Dec. 18, 1992, will not be resolved by that date, the company and the prospective buyer of the Wrigley Creek Property will be out of contract on Jan. 1, 1993, and at that time neither party will have any rights or obligations under the Agreement. For these reasons, there can be no assurance that the closing of the sale of the Wrigley Creek Property will occur.
 The company is a real estate investment trust. Its securities are listed on the American and Pacific stock exchanges. The company's principal executive offices are located at 645 High Street, Palo Alto, CA 94301; and its telephone number is 415-329-8867.
 -0- 12/30/92
 /CONTACT: William F. Garlock of Lincoln N.C. Realty Fund, 415-329-8867/
 (LRF)


CO: Lincoln N.C. Realty Fund Inc. ST: California IN: SU:

TM-SG -- SJ001 -- 0746 12/30/92 17:53 EST
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Publication:PR Newswire
Date:Dec 30, 1992
Words:331
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