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DUKE POWER TO REDEEM PREFERENCE STOCK

 DUKE POWER TO REDEEM PREFERENCE STOCK
 CHARLOTTE, N.C., March 6 /PRNewswire/ -- Duke Power Co. (NYSE: DUK)


said today that on April 6, the company will redeem its Cumulative Preference Stock, 6 3/4 percent Convertible Series AA.
 Shareholders of this series may choose to convert their shares into Duke Power common stock before April 6. Each share of preference stock will convert to 8.368 shares of common stock.
 Shares not converted before April 6 will be redeemed at the stock's redemption price of $100, plus an amount equivalent to a dividend of 39.4 cents accrued from March 16 through April 6.
 The stock was originally issued in 1969, with more than 500,000 shares offered. Now, about 20,000 shares remain, with fewer than 200 shareholders of record.
 "With so few shares left, it made economic sense to the company to redeem the stock," said Richard Osborne, vice president of finance and chief financial officer at Duke Power. "We are recommending that shareholders consider converting their shares to common stock."
 A redemption notice for the issue was mailed to shareholders on March 6. The company will act as redemption agent.
 -0- 3/6/92
 /CONTACT: Randy Wheeless, 704-382-8379, or Allen Stewart, 704-373-5087, both of Duke Power Company/
 (DUK) CO: Duke Power Company ST: North Carolina IN: UTI SU:


CM -- CH001 -- 5730 03/06/92 08:25 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 6, 1992
Words:230
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