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HALLMARK HEALTHCARE ANNOUNCES EFFECTIVE DATE FOR REVERSE STOCK SPLIT

 ATLANTA, Nov. 25 ~PRNewswire~ -- Hallmark Healthcare Corporation announced today that the effective date for its one-for-five reverse stock split of the company's common and preferred stock was Nov. 10.
 The company's new common stock outstanding after the reverse split will have a new CUSIP number of 40624G304 while its new Cumulative Convertible Redeemable Preferred Stock outstanding after the reverse split will have a new CUSIP number of 40624G403. Cash payments for fractional shares will be determined based on a pre-reverse split price of $.94 per share for the company's common stock and $3.33 for its 25 percent Preferred Stock. The company's transfer agent is expected to send a letter of transmittal by Dec. 1 describing the procedure to be followed in connection with the exchange of old certificates for new certificates and for payment in lieu of the issuance of fractional shares.
 "We are pleased to conclude the reverse stock split," said James T. McAfee Jr., chairman and chief executive officer of Hallmark Healthcare Corporation. "We believe this is another important step toward establishing a permanent capital structure for the company."
 Hallmark Healthcare Corporation is an Atlanta-based corporation which provides healthcare services to communities through ownership or management of general acute care hospitals and related healthcare services. The company operates 18 hospital facilities in nine states.
 -0- 11~25~92
 ~CONTACT: Robert M. Thornton Jr., executive vice president and chief financial officer of Hallmark Healthcare, 404-933-5500~


CO: Hallmark Healthcare Corporation ST: Georgia IN: HEA SU:

EA-BN -- AT001 -- 1412 11~25~92 09:37 EST
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Publication:PR Newswire
Date:Nov 25, 1992
Words:255
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