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ORIOLE HOMES REPORTS EXERCISE OF OVER-ALLOTMENT OPTION FROM RECENT COMMON STOCK OFFERING

 ORIOLE HOMES REPORTS EXERCISE OF OVER-ALLOTMENT
 OPTION FROM RECENT COMMON STOCK OFFERING
 DELRAY BEACH, Fla., June 4 /PRNewswire/ -- Oriole Homes Corp. (AMEX: OHC.A; OHC.B) today reported that PaineWebber Incorporated and Raymond James & Associates, Inc. have exercised their option to purchase an aggregate of 82,000 additional shares of the Class B common stock at the public offering price of $10.25 per share in order to cover over- allotments. Net proceeds to Oriole Homes from the exercise of the over- allotment option total approximately $786,000.
 The offering of 1,100,000 shares of Class B common stock, of which 750,000 shares were sold by the company and 350,000 shares were sold by selling shareholders, was completed on April 28, 1992. Net proceeds to Oriole from the offering totaled approximately $7.2 million. All of the 82,000 shares purchased as part of the exercise of the over-allotment option were sold by the company.
 Oriole Homes Corp., one of Florida's largest homebuilders, builds and sells villas, patio homes, single family homes and condominium apartments in planned communities on land which it acquires and develops. These communities generally include amenities such as recreation buildings, tennis courts, swimming pools and open areas. Since 1963, Oriole has built over 21,000 residences.
 -0- 6/4/92
 /CONTACT: Mark A. Levy, president of Oriole Homes Corp., 407-274-2000; or Barry A. Rothman of Greenstone Roberts Public Relations-Florida, 305-975-3500, for Oriole Homes Corp./
 (OHC.A OHC.B) CO: Oriole Homes Corp. ST: Florida IN: CST SU:


AW-JB -- FL007 -- 7131 06/04/92 15:01 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
Words:263
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