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RELIANCE TO ISSUE UP TO 3.5 MILLION COMMON SHARES FOR CERTAIN SECURITIES OF FORMER FRANK B. HALL & CO.

 NEW YORK, Dec. 30 /PRNewswire/ -- Reliance Group Holdings, Inc. (NYSE: REL) announced today that the Securities and Exchange Commission has declared effective the registration statement relating to the issuance of up to 3.5 million shares of its common stock to holders of Series B convertible preferred stock and employee stock options of Prometheus Funding Corp., formerly known as Frank B. Hall & Co. Inc. Issuance of these shares results from the previously-announced sale of Hall's assets to Aon Corporation and the subsequent merger of Prometheus with a subsidiary of Reliance.
 Up to 2,831,719 shares are available for distribution to those holders of employee stock options who elect to exercise their options, and up to 626,572 shares are available to holders of Series B convertible preferred stock (other than Reliance) who elect to convert such stock.
 A notice of redemption was sent Nov. 13, 1992 to holders of the Series B preferred stock indicating that the shares will be redeemed on Dec. 31, 1992 for cash consideration totaling $53.2853 per share. Holders of the Series B preferred stock may exchange each share for 9.0843 shares of Reliance common stock on or before Jan. 22, 1993.
 Copies of the prospectus may be obtained from The Bank of New York, Tender and Exchange Department, 101 Barclay Street, New York, NY 10286, telephone 212-815-5829. The Bank of New York is acting as Redemption/Conversion Agent with respect to the Series B preferred stock.
 -0- 12/30/92
 /CONTACT: Brian T. Martin, Vice President-Communications of Reliance Group Holdings, Inc., 212-909-1247/
 (REL)


CO: Reliance Group Holdings, Inc. ST: New York IN: FIN SU: OFR

LR -- NY017 -- 0592 12/30/92 11:41 EST
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Publication:PR Newswire
Date:Dec 30, 1992
Words:282
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