[Federal Register Volume 60, Number 203 (Friday, October 20, 1995)]
[Notices]
[Pages 54279-54280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25962]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26391]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
October 13, 1995.
Notice is hereby given that the following filing(s) has/have been
made with the Commission pursuant to provisions of the Act and rules
promulgated thereunder. All interested persons are referred to the
application(s) and/or declaration(s) for complete statements of the
proposed transaction(s) summarized below. The application(s) and/or
declaration(s) and any amendments thereto is/are available for public
inspection through the Commission's Office of Public Reference.
Interested persons wishing to comment or request a hearing on the
applications(s) and/or declaration(s) should submit their views in
writing by November 6, 1995, to the Secretary, Securities and Exchange
Commission, Washington, DC 20549, and serve a copy on the relevant
applicant(s) and/or declarant(s) at the address(es) specified below.
Proof of service (by affidavit or, in case of an attorney at law, by
certificate) should be filed with the request. Any request for hearing
shall identify specifically the issues of fact or law that are
disputed. A person who so requests will be notified of any hearing, if
ordered, and will receive a copy of any notice or order issued in the
matter. After said date, the application(s) and/or declaration(s), as
filed or as amended, may be granted and/or permitted to become
effective.
General Public Utilities Corporation (70-8695)
General Public Utilities Corporation (``GPU''), 100 Interpace
Parkway, Parsippany, New Jersey 07054, a registered holding company,
has filed a declaration under sections 6(a) and 7 of the Act and rules
53 and 54 thereunder.
The General Public Utilities Corporation and Subsidiary System
Companies Employee Savings Plan for Nonbargaining Employees and the
Employee Savings Plan for Bargaining Unit Employees for each of GPU's
electric utility subsidiaries, Jersey Central Power & Light Company,
Metropolitan Edison Company and Pennsylvania Electric Company
(collectively, ``Savings Plans'') are designed to encourage and assist
savings and investment by eligible employees through voluntary
contributions by employees of a portion of their compensation and by
the matching of certain of such contributions by the participants'
employers.
Amounts contributed to the Savings Plans by or on behalf of each
participant are held by a trustee. Separate plan accounts and, as
necessary, sub-accounts are maintained for each participant. The
trustee invests the amounts held in plan accounts and sub-accounts in
the investment fund or funds selected by the participant. The
investment funds from which participants may choose currently consist
of eleven funds including the ``GPU Stock Fund'' which is designed to
provide employees with a convenient way to invest in GPU common stock
by providing participants the opportunity to direct that all or a
portion of their plan accounts be invested in the GPU Stock Fund.
The Savings Plans currently provide that GPU common stock acquired
for the GPU Stock Fund by the trustee be purchased in open market
transactions through brokers. In order to provide additional equity
capital, GPU proposes that shares of its common stock acquired by
participants through the GPU Stock Fund may be either purchased by the
trustee directly from GPU or in open market transactions, as is now the
case. Accordingly, GPU proposes to issue and sell from time to time
through December 31, 2000, up to 250,000 authorized but unissued or
previously reacquired shares of GPU common stock to participants under
the Savings Plans.
The purchase price per share paid by participants would be the New
York Stock Exchange closing price for GPU
[[Page 54280]]
common stock for the date on which the purchase of such share is
executed. No commission would be charged with respect to any such
purchase of GPU common stock. GPU currently has 350 million authorized
shares of common stock of which 116,371,998 shares were outstanding at
August 31, 1995. GPU will use the net proceeds from the sale of
additional common stock to the Savings Plans to make cash capital
contributions to its subsidiaries, for working capital, to repay
outstanding indebtedness and for other corporate purposes.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-25962 Filed 10-19-95; 8:45 am]
BILLING CODE 8010-01-M