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PIEDMONT MANAGEMENT COMPANY PROPOSES TO ELIMINATE DUAL CLASS VOTING STRUCTURE

 PIEDMONT MANAGEMENT COMPANY PROPOSES TO
 ELIMINATE DUAL CLASS VOTING STRUCTURE
 NEW YORK, March 23 /PRNewswire/ -- Piedmont Management Company Inc. (NASDAQ-NMS: PMAN) today announced that its board of directors approved a plan to eliminate the company's dual class voting structure, originally adopted in 1986, and to reclassify its outstanding Class B stock, currently having 10 votes per share, as common stock, having one vote per share.
 The plan is subject to approval by Piedmont's stockholders who will be asked to vote on the proposed share reclassification at the annual meeting of stockholders scheduled to be held in New York in May. The record date for the meeting has been set for April 16. Proxy materials relating to the plan will be filed shortly with the Securities and Exchange Commission and are expected to be available for mailing to stockholders in April. The reclassification will be implemented as soon as possible after stockholder approval.
 There are approximately 2.7 million shares of Class B stock and 2.3 million shares of common stock presently outstanding. The company expects members of the Richardson family, principal stockholders of the company and present owners of 93 percent of Class B stock outstanding, to vote in favor of the proposal to be submitted to all stockholders.
 Robert M. DeMichele, president and chief executive officer of Piedmont, commented: "The proposal, if approved, would simplify our capital structure by restoring a 'one-share-one-vote' structure and create the potential for increased market liquidity of common stock and enhanced investor interest in the company."
 Piedmont Management Company Inc. is a financial services company whose principal subsidiaries include the Reinsurance Corporation of New York (RECO), a property and casualty reinsurer, and Lexington Management Corporation, an investment advisory and mutual fund management company.
 -0- 3/23/92 R
 /CONTACT: Peter Palenzona, CFO of Piedmont Management, 212-363-4650/
 (PMAN) CO: Piedmont Management Company Inc. ST: New York IN: FIN SU:


GK -- NY034R -- 1018 03/24/92 11:38 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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