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THE HENLEY GROUP AND HENLEY PROPERTIES INC. MERGE

 THE HENLEY GROUP AND HENLEY PROPERTIES INC. MERGE
 HAMPTON, N.H. -- Shareholders of the Henley Group, Inc.


(NASDAQ: HENG) and Henley Properties Inc. (NASDAQ: HEMP) today approved the proposed the agreement to merge the two companies, and the transaction was completed.
 The previously announced distribution of cash and securities to shareholders of Henley Group became effective immediately prior to the merger. For each Henley Group common share, they will receive $12.07 in cash, $7.50 total principal amount of pay-in-kind debentures of Henley Properties and one share of common stock of Abex Inc. Abex is a leading manufacturer of engineered products for the transportation industry that becomes a public company as a result of the distribution.
 In the merger of Henley Group and Henley Properties, the latter is the surviving public entity and has changed its name to the Bolsa Chica Company. Its largest project is the proposed 1,700 acre coastal community of Bolsa Chica in Southern California. For each Henley Group share, Henley Group holders will receive in the merger two shares of Series A convertible redeemable preferred stock of Bolsa Chica and one share of Bolsa Chica common stock.
 Abex common stock (ABE) is listed on the New York stock exchange, and Bolsa Chica common (BLSA) and preferred (BLSAP) stocks are listed among the NASDAQ national market issues.
 -0- 7/16/92
 /CONTACT: Norman Ritter of Henley Group, 603-929-2322/
 (HENG HEMP) CO: The Henley Group ST: New Hampshire IN: SU: TNM


TM -- NE018 -- 9978 07/16/92 16:47 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
Words:254
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