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SHAREHOLDER GROUP RECEIVES SIGNIFICANT SUPPORT IN JEFFERSON-PILOT VOTING

 SHAREHOLDER GROUP RECEIVES SIGNIFICANT
 SUPPORT IN JEFFERSON-PILOT VOTING
 GREENSBORO, N.C., May 13 /PRNewswire/ -- A shareholder group has received what it terms "significant support" in its proxy fight with the management of Jefferson-Pilot Corp. (NYSE:JP). Results were announced Wednesday (5/13).
 "Although we did not win a majority of the votes on any of our initiatives, the very high percentage of votes against ratification of the stock grant plan which we contested clearly shows the impact of our efforts," said Louise Price Parsons, co-chair of the Jefferson-Pilot Shareholders Committee (JPSC).
 "We know that management traditionally gets an overwhelming majority of votes in proxy fights no matter what the issues," Parsons said. "But 36 percent of the shares voting supported us on the key stock plan issue, and 20 percent supported our director nominees. It sure isn't the 14-to-one ratio JP had previously projected. Besides, we have consistently maintained that you cannot ratify an action which a federal judge has ruled was illegal."
 Parsons said that, in spite of the JPSC's loss on the stock issue, alternate directors and corporate governance reforms, "we feel we have made a tremendous difference. The stock price is up significantly from when we started, JP management has increased dividends, CEO Roger Soles says he will not seek a contract renewal at year-end, and the general public is much more aware of shareholder rights issues. We have gained national support for our concerns and will continue to pursue them."
 Parsons' attorney Rick Miller of Jones Day Atlanta added that "proxy results are still preliminary and subject to review before final confirmation."
 -0- 5/13/92
 /CONTACT: Buck Lawrimore, Lawrimore Communications, 704-525-4775; Peter Rosenthal and David Sternstein, Howard J. Rubenstein & Associates, 212-489-6900/
 (JP) CO: Jefferson-Pilot Corporation ST: North Carolina IN: INS TLS SU:


DF -- CH018 -- 9959 05/13/92 18:50 EDT
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Publication:PR Newswire
Date:May 13, 1992
Words:306
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