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ACTON CORPORATION ANNOUNCES COMPLETION OF SALE OF CABLE SYSTEM

 RALEIGH, N.C., Dec. 30 /PRNewswire/ -- Acton Corporation (AMEX: ATN), $3.75 Cumulative Preferred Stock (ATNPR), announced the completion of the previously announced sale of its sole remaining cable television system comprised of approximately 44,000 subscribers located in Anne Arundel County, Md. The $76 million sale price, which is subject to certain final closing adjustments, is expected to produce after-tax net income of approximately $46.1 million or $18.14 per share on a primary basis and $14.97 per share or a fully diluted basis.
 The $76 million consideration consisted of $26.5 million in cash, the assumption of approximately $32.1 million of debt which was outstanding against the system and a $17.4 million secured note due in June 1994. The secured note replaced $17.4 million of the cash proceeds originally announced.
 Acton Corporation is primarily engaged in specialized automobile insurance underwriting, manufacturing, and real estate development.
 -0- 12/30/93
 /CONTACT: Ruby M. Anderson, Shareholder Relations, of Acton, 919-781-5611/
 (ATN)


CO: Acton Corporation ST: North Carolina IN: INS TLS SU:

MB -- CH005 -- 8156 12/30/93 17:14 EST
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Publication:PR Newswire
Date:Dec 30, 1993
Words:185
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