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Show Recapitalization Of So. Utah Power Co. To Be Considered An Associated Press release from Philadelphia reports that the Security Secur-ity and Exchange commission on December 19th will consider consolidation con-solidation proceedings involving a-niended a-niended plans for reorganization of Washington Gas and Electric Co., ot Tacoma, Washington, and recap-italh-atbn of the Southern Utah Power Ccmpany at Cedar City. The local company Is now controlled by the Washington Gas and B3ectrlc Company. ! The Southern Utah Power plan provides for its recapitalization with one class of capital stock, eliminating eliminat-ing all prior preference stock. Its single class of stock, 7500 shares of $100 par common will be changed to 82.000 shares of $10 common. The new common will be Issued In exchange for the company's outstanding out-standing stccks on the following basis: 13.4 shares of new common for each share of $100 par 7 prior preference; 11.89 shares of new common for each share of $5 preferred, pre-ferred, and 36,616 shares of new common for 4750 shares of $100 par common held by Washington. |