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PACIFICARE HEALTH SYSTEMS ANNOUNCES ADOPTION OF RECAPITALIZATION PLAN AND DECLARATION OF STOCK DIVIDEND

PACIFICARE HEALTH SYSTEMS ANNOUNCES ADOPTION OF RECAPITALIZATION PLAN
 AND DECLARATION OF STOCK DIVIDEND
 CYPRESS, Calif., June 4 /PRNewswire/ -- PacifiCare Health Systems Inc. (NASDAQ: PHSY) announced that at a special meeting today, its shareholders voted in favor of adopting an amendment to the company's Certificate of Incorporation which, among other things: (a) reclassifies the existing common stock of the company as class A common stock; (b) authorizes a new class of non-voting common stock designated as class B common stock; (c) increases the total number of authorized shares of the company's common stock from 20 million to 90 million; and (d) reduces the par value of the common stock from $0.50 per share to $0.01 per share.
 Further, the company also announced that its board of directors has declared a stock dividend in which shareholders will receive one share of non-voting class B common stock for each share of class A common stock held. The stock dividend has the same effect on the total number of shares of common stock outstanding as a two-for-one stock split. The record date for the stock dividend is set for the close of business on June 5, 1992 and the payment date is June 19, 1992. Both classes of common stock will be quoted on the NASDAQ National Market System beginning June 5, 1992, where the existing common stock is now quoted.
 PacifiCare Health Systems owns and operates HMOs in California, Oklahoma, Oregon, Texas and Washington. The company also operates Secure Horizons, one of the nation's largest and fastest growing Medicare risk programs. Other operations include Columbia General, an insurance subsidiary licensed in 34 states; Pacific Review Services, an independent utilization review and case management company; and LifeLink, a behavioral health-managed care company.
 -0- 6/4/92
 /CONTACT: Wayne Lowell, CFO, 714-952-1121, or David K. Erickson, manager, investor relations, 714-229-2636, both of PacifiCare Health Systems/
 (PHSY) CO: PacifiCare Health Systems Inc. ST: California IN: HEA INS SU: DIV RCN


AL -- LA022 -- 7146 06/04/92 15:20 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
Words:335
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