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FINAL JEFFERSON-PILOT PROXY TALLY SEEN AS VICTORY BY SHAREHOLDER GROUP

FINAL JEFFERSON-PILOT PROXY TALLY SEEN AS VICTORY BY SHAREHOLDER GROUP
 CHARLOTTE, N.C., May 19 /PRNewswire/ -- "We see the final count as a victory for our side because management got such weak support on several critical issues," said a shareholder leader concerning the final tally in the Jefferson-Pilot Corporation (NYSE: JP) proxy fight.
 "First of all, management's director slate was supported by only about 61 percent of the approximately 34 million shares outstanding," said Louise Price Parsons, co-chair of the Jefferson-Pilot Shareholders Committee (JPSC).
 "Second, their count on confidential voting, which we had advocated, was actually less than half of the total shares. And third, their support for the stock grant amendment received just over half the total shares.
 "In light of the fact that most shareholders traditionally support management overwhelmingly, we view this weak support for management's position as an enormous accomplishment and a real victory for our effort," Parsons said.
 Parsons added that the JPSC "definitely believes our support would have been even stronger if CEO Roger Soles had not announced, just before the May 4 annual meeting, that he would not seek renewal of his contract at year-end. We consider that highly unethical and intend to pursue it further."
 Parsons noted that the Shareholders Committee was "only an idea a year ago, and now it has become a powerful force with nationwide support. This has been an invigorating round one. We're starting round two vastly stronger.
 "Quite simply, we believe we are right," Parsons added. "For our first year we have done fabulously, and next year we expect to get a majority of the votes. We will not rest until the Jefferson-Pilot board and management are truly responsive to the owners of this company, the shareholders."
 -0- 5/19/92
 /CONTACT: Buck Lawrimore of Lawrimore Communications, 704-525-4775, for the Jefferson-Pilot Shareholders Committee/
 (JP) CO: Jefferson-Pilot Shareholders Committee; Jefferson-Pilot Corp. ST: North Carolina IN: INS SU:


CK -- NY113 -- 2117 05/19/92 19:25 EDT
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Publication:PR Newswire
Date:May 19, 1992
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