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PENNSYLVANIA POWER & LIGHT BOARD AUTHORIZES STOCK SPLIT

 PENNSYLVANIA POWER & LIGHT BOARD AUTHORIZES STOCK SPLIT
 ALLENTOWN, Pa., Dec. 18 /PRNewswire/ -- Pennsylvania Power & Light


Co.'s (NYSE: PPL) (PP&L) board of directors today authorized a two-for-one split of the utility's common stock, subject to shareowner and Pennsylvania Public Utility Commission (PUC) approval.
 The company's shareowners will be asked to approve the board's action during PP&L's annual meeting in April and PUC approval will be sought early in 1992. If approved, it would be the first PP&L stock split since May 1959, when its shares were trading in the high-$50 range.
 Charles E. Russoli, PP&L executive vice president and chief financial officer, said, "The price of the company's common stock has doubled since the mid-1980s and currently is among the highest for electric utilities." The closing price on Tuesday was $49-3/4 per share.
 "The two-for-one stock split being proposed to shareowners will bring the price of our stock more in line with the current prices of the electric utility industry," said Russoli.
 Currently, there are about 75.7 million shares of PP&L common stock outstanding, about 9 million fewer than authorized. To permit the two-for-one split, shareowners will be asked to increase the authorized shares to 170 million. The split would result in 151.4 million outstanding shares.
 If the split is approved, shareowners of record on April 22, the day of the company's annual meeting, will be entitled to receive one additional share for each share owned on that date. Certificates for the shares issued as a result of the split will be mailed on May 11, 1992.
 Additional information concerning the split will be sent to company shareowners in the next few months.
 PP&L supplies electricity to a 10,000-square-mile area of 29 counties in Central Eastern Pennsylvania. Among the communities it serves are Allentown, Bethlehem, Harrisburg, Hazleton, Lancaster, Scranton, Wilkes-Barre and Williamsport.
 /delval/
 -0- 12/18/91
 /CONTACT: Charles E. Russoli, executive vice president and chief financial officer of Pennsylvania Power & Light Co. 215-774-5240/
 (PPL) CO: Pennsylvania Power & Light Co. ST: Pennsylvania IN: UTI SU:


CC -- PH024 -- 3538 12/18/91 15:56 EST
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Publication:PR Newswire
Date:Dec 18, 1991
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