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PHELAN ANNOUNCES DISTRIBUTION OF CARA OPERATIONS SHARES

 PHELAN ANNOUNCES DISTRIBUTION OF CARA OPERATIONS SHARES
 TORONTO, Oct. 16 /PRNewswire/ -- Mr. Paul J. Phelan, C.M., of


Toronto, a director and Honorary Chairman of the Board of Cara Operations Limited, announces that his family holding company has distributed all of its 22,828,560 Class A Non-Voting shares of Cara Operations Limited among the family. Mr. Phelan's personal investment company received 3,379,308 shares, a number company owned by a trust of his son received 4,862,313 shares, and a number company (1003748 Ontario Limited) owned by trusts for his three daughters received 14,586,939 shares.
 Mr. Phelan continues to control Cara Operations Limited through his family holding company which owns approximately 55 per cent of the outstanding voting common shares. No change in such control is contemplated.
 The trusts for Mr. Phelan's children were established by him in 1965. The combined voting and non-voting equity interest of Mr. Phelan and the four trusts in Cara Operations Limited is approximately 45 per cent.
 1003748 Ontario Limited owns no other shares of Cara Operations Limited and has no present intention to increase its investment in Cara Operations Limited.
 -0- 10/16/92
 /CONTACT: M. B. Syron, chairman & chief executive officer of Cara Operations, 416-969-2525, or L. Hynes, Fraser & Beatty, Barristers & Solicitors, 416-863-4656/
 (CAO.) CO: Cara Operations Limited ST: Ontario IN: FOD SU:


KD -- NY077 -- 1138 10/16/92 17:02 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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