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Show Utah Power to Consolidate Stock Complete ownership and contra of the. Utah Power and Ligh, company i; to be vested in the hancis of the more than 12000 owners ol its present Drcterred i-tcck. under a plan of re-.rsani2a tion of the company filed March 21, w;th the Securities and Ex change Commission in Philadol I The plan, filed hy Utah p0vver I and Light company, and joined in by Electric Power and Light I corporation, provides that Electric I Power and Light corporation shall surrender for cancellation its entire en-tire holdings, which consist of i Vi iciiOTiea stock and 3,000,000 shares of common stock of the Utah company, and receive $650,000 in cash. Utah Power and Light company it is pointed out, will cease to be a subsidiary of Electric Power and Light corporation and Electric Bond and Share company, an(j neither of the latter two concerns will have any interest whatsoever in the Utah company. Owners of the present preferred stock, other than Electric Power and Light corporation, are to exchange their preferred stock for new common stock, receiving 4- shares of the new $20 par value common stock for each share of $7 preferred and 4. shares of the .new common stock for each share of the $6 preferred stock they now hold. For this purpose Utah Power and Light company proposes to issue 1,185,241.25 shares of $20 par value new common stock having a total par value of $23,704,825.00. Tire effect of the proposed recapitalization re-capitalization will be to eliminate all, presently outstanding common and preferred stock, all arrearages on the Drfiferred stoMr : leave the company with a simplified ' capital structure consisting onlj ; of debt and a new $20 par value 1 common stock. ;: Under the plan scrip will be ' issued for fractional shares of the new common stock which, when combined in lots aggregating one or more full shares, may be ex- changed within a year for shares, j,. of the new common stock. When the plan is approved hy the Securities and Exchange com- S mission, that commission wffl son make application to an appro, mis: priate court to enforce and carry out the terms and provisions ol the plan, and the plan will be- Btal come effective with the final or- w der of the court. 1 P1 Commenting on the extinsmkh. .. ment of accumulated unpaid pre-I pre-I f erred stock dividends, as pro- a s vided in the p lan, President te George M. Gadsby of the company Eir!' said the owners of the present preferred stock, excluding Hec. 1 :ra trie Power and Light corporation, lies will own the entire equity. Thus Ca all future net income, which Mr would be the only source from Eilef which to pay the present ac fea cumulated preferred dividend;, is. it will accrue to their benefit. 6 an. |