Pennsylvania Electric (PENELEC), a unit of GPU, makes announcement.PARSIPPANY, N.J.--(BUSINESS WIRE)--Nov. 13, 1996-- Pennsylavania Electric Company (PENELEC), a unit 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., announced that it is commencing an offer to purchase any and all of its: (i) 56,810 outstanding shares of Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , 4.40% Series B (stated value Stated Value A value that, instead of being par value, is assigned to a corporation's stock for accounting purposes. Stated value has no relation to market price. Notes: $100 per share) at a purchase price of $73.44 per share, net to the seller in cash; (ii) 97,054 outstanding shares of Cumulative Preferred Stock, 3.70% Series C (stated value $100 per share) at a purchase price of $59.64 per share, net to the seller in cash; (iii) 63,696 outstanding shares of Cumulative Preffered Stock, 4.05% Series D (stated value $100 per share) at a purchase price of $67.61 per share, net to the seller in cash; (iv) 28,739 outstanding shares of Cumulative Preferred Stock, 4.70% Series E (stated value $100 per share) at a purchase price of $78.45 per share, net to the seller in cash; (v) 42,969 outstanding shares of Cumulative Preferred Stock, 4.50% Series F (stated value $100 per share) at a purchase price of $75.11 per share, net to the seller in cash; and (vi) 75,732 outstanding shares of Cumulative Preferred Stock, 4.60% Series G (stated value $100 per share) at a purchase price of $76.79 per share net to the seller in cash. The December 1996 dividend for each series of 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. has been declared and is to be paid on Dec. 1, 1996 to holders of record as of the close of business on Nov. 12, 1996. A holder of record of shares on Nov. 12, 1996, who tenders shares will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to the December 1996 dividend, regardless of when such tender is made. Holders of shares purchased pursuant to the offer will not be entitled to any dividends in respect of any later dividend periods. The offer for one series of preferred stock is independent of the offer for any other series of preferred stock. The offers are not conditioned upon any minimum number of shares of the applicable series of preferred stock being tendered. Each of the offers is being made only by means of, and is subject to certain other terms and conditions as set forth in the Offer to Purchase, dated Nov. 13, 1996. Each of the offers and withdrawal rights will expire at midnight, EST EST electroshock therapy. EST abbr. electroshock therapy , on Dec. 13, 1996, unless any such offer with respect to any series of preferred stock is extended. This announcement is neither an offer to purchase nor a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of any offer to sell preferred stock. The offers are made solely by the Offer to Purchase, dated Nov. 13, 1996, and related Letters of Transmittal and are not being made to (nor will purchases be accepted from or on behalf of) holders of preferred stock residing in any jurisdiction in which the making of the offers or the acceptance thereof would not be in compliance with the laws of such jurisdiction. In any jurisdiction, the securities laws of which require the offers to be made by a licensed broker or dealer, the offers shall be deemed made on behalf of Penelec by one ore more brokers or dealers licensed under the laws of such jurisdiction. The dealer manager for the offer is Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. and the depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. for the tendered shares will be ChaseMellon Shareholder Services, L.L.C. Questions or requests for assistance may be directed to Georgeson & Company Inc., the Information Agent, at Wall Street Plaza, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y. 10005 (telephone 800-223-2064) or Merrill Lynch & Co. at 1-888-ML4-TNDR (1-888-654-8637), toll-free. Penelec is a subsidiary of GPU Inc., and electric utility holding company. CONTACT: GPU John T. Fidler, 201/263-6479 or 201/328-8494 (home) |
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