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THE STANDISH CARE COMPANY ANNOUNCES PROPOSED PUBLIC OFFERING OF SECURITIES

 BOSTON, June 23 /PRNewswire/ -- The Standish Care Company (NASDAQ: STAN) announced today that it proposes to make a public offering of securities and that a registration statement for the proposed offering was filed with the Securities and Exchange Commission on Monday, June 21.
 Under the proposed offering, which may be made only by means of a Prospectus, Standish would sell 700,000 shares of series A cumulative convertible preferred stock (the "Series A Preferred Stock") with an initial public offering price of $10.00 per share. Each share of the series A preferred stock will have a liquidation value of $10.00 per share and initially will be convertible into shares of common stock at a per share price equal to the $10.00 initial public offering price divided by a fixed percentage, ranging from 120 percent to 130 percent, of the closing bid price of the common stock immediately prior to the commencement of the offering. The series A preferred stock will also accrue dividends at the rate of $.25 per quarter ($1.00 per year) and will be redeemable by Standish after three years under certain circumstances. Standish indicated that RAS Securities Corp. will be the managing underwriter and that the offering will be made on a "firm commitment" basis.
 Standish is a health services company which provides assisted living and related specialized services primarily to frail seniors. Standish specializes in acquiring and managing existing assisted and related senior living communities, managing and marketing communities owned by third parties, and developing new assisted living communities. Standish is currently providing management and/or related services to communities in Boston, Mass.; Dearborn, Mich.; Destin and Gainesville, Fla.; Dover (York County), Chalfont (Bucks County) and Erie, Pa.; and Providence, Rhode Island.
 Standish has its headquarters at 200 Clarendon Street, Boston, Mass.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notice shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 6/23/93
 /CONTACT: Michael J. Doyle, president of The Standish Care Company, 617-266-5555/
 (STAN)


CO: The Standish Care Company ST: Massachusetts IN: HEA SU: OFR

MP-OS -- NY032 -- 4949 06/23/93 10:48 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
Words:432
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