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IPALCO BOARD TERMINATES OFFER, DECLARES DIVIDEND, AND ELECTS NEW OFFICERS

 INDIANAPOLIS, Ind., Aug. 23 /PRNewswire/ -- IPALCO Enterprises (NYSE: IPL) today announced that it has terminated its exchange offer for all outstanding shares of PSI Resources (NYSE: PIN), which had been set to expire at midnight, New York City time on Aug. 31, 1993.
 At a meeting held this afternoon, IPALCO's board of directors reaffirmed its belief that a combination of IPALCO and PSI would be in the best interests of customers, shareholders, employees, and the state of Indiana. The board will continue to study all of the options IPALCO may have going forward.
 IPALCO's board of directors also authorized payment of the company's regular quarterly dividend of $0.51 per share, payable Oct. 15, 1993, to shareholders of record as of Set. 13, 1993.
 The board also appointed five new directors: Robert A. Borns, Rexford C. Early, Max K. Gibson, Edwin J. Goss, and Dr. Earl B. Herr, Jr. These individuals were IPALCO'S nominees for election to PSI's board of directors at today's annual meeting of shareholders. Messrs. Borns, Goss and Herr resigned from IPALCO's board in March to run for election to PSI's board.
 John R. Hodowal, chairman and chief executive officer of IPALCO, said: "These distinguished individuals are outstanding and experienced business and civic leaders who have represented IPALCO exceedingly well as nominees to the PSI board of directors. We are delighted they will continue to serve IPALCO as members of our board of directors."
 -0- 8/23/93
 /CONTACT: Susan Hanafee, 317-261-8763, or Marni Lemons, 317-261-8219, or Carla Levy, 317,261-8560, all of IPALCO Enterprises, Inc./
 (IPL PIN)


CO: IPALCO Enterprises, Inc.; PSI Resources! ST: Indiana IN: UTI SU: DIV PER

LD-TM -- NY066 -- 5218 08/23/93 17:57 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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