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AARON RENTS, INC. SHAREHOLDERS APPROVE RECAPITALIZATION PLAN; COMPANY DECLARES INCREASED DIVIDEND

 AARON RENTS, INC. SHAREHOLDERS APPROVE RECAPITALIZATION PLAN;
 COMPANY DECLARES INCREASED DIVIDEND
 ATLANTA, Oct. 20 /PRNewswire/ -- Aaron Rents, Inc. (NASDAQ: ARON), the nation's largest furniture rental and sales company, today approved at the company's Annual Meeting of Shareholders an amendment to the company's Articles of Incorporation to (1) reclassify each outstanding share of the existing common stock as one share of voting Class A Common Stock and one share of non-voting Class B Common Stock and establish the rights of each class of such stock, and (2) increase the number of authorized shares of common stock from 10 million to 50 million, consisting of 25 million shares of Class A Common Stock and 25 million shares of Class B Common Stock.
 The record date for distribution of the new non-voting Class B Common Stock certificates is Oct. 30.
 Also today the board of directors of the company declared its 13th consecutive semi-annual cash dividend. The dividend will be $.03 per share on the Class A Common Stock and $.04 per share on the Class B Common Stock, with the effect of increasing the dividend from $.05 per share of existing common stock paid by the company semi-annually during its past five fiscal years to an aggregate of $.07 per share on the two classes of stock, a 40 percent increase. The dividends will be paid Jan. 4, 1993, to shareholders of record as of Dec. 3, 1992.
 Aaron Rents, Inc., based in Atlanta, operates more than 150 stores in 21 states for the sale and rental of residential and office furniture and equipment. The company produces furniture at five plants in Georgia and Florida and recently opened its first business equipment rental store in Atlanta.
 -0- 10/20/92
 /CONTACT: Gilbert L. Danielson, vice president, finance, and chief financial officer of Aaron Rents, 404-231-0011/
 (ARON) CO: Aaron Rents, Inc. ST: Georgia IN: REA SU: DIV


EA-BR -- AT013 -- 2365 10/20/92 13:49 EDT
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Publication:PR Newswire
Date:Oct 20, 1992
Words:323
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