[Federal Register Volume 64, Number 48 (Friday, March 12, 1999)]
[Notices]
[Page 12391]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-6085]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26987]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
March 5, 1999.
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 under the Act. 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 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
application(s) and/or declaration(s) should submit their views in
writing by March 30, 1999, to the Secretary, Securities and Exchange
Commission, Washington, DC 20549, and serve a copy on the relevant
applicant(s) and/or declarants(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
should 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 issues in the
matter. After March 30, 1999, the application(s) and/or declaration(s),
as filed or as amended, may be granted and/or permitted to become
effective.
Cinergy Corporation (70-9439)
Notice of Proposal to Amend Director Retirement Plans and Issue Shares
of Common Stock; Order Authorizing Proxy Solicitation.
Cinergy Corporation, a registered holding company (``Cinergy''),
139 East Fourth Street, Cincinnati, Ohio 45202, has filed an
application-declaration under sections 6(a), 7, 9(a), 10, and 12(e) of
the Act and rules 54, 62 and 65.
Cinergy proposes to: (1) amend its existing retirement plan
(``Amended Plan'') to eliminate future accruals of benefits and
provided for the conversion of currently accrued benefits to Cinergy
common stock (``Common Stock''); (2) adopt a new retirement plan (``New
Plan'') to supersede the Amended Plan; (3) solicit proxies to be voted
in favor of the Amended Plan and New Plan at the annual shareholders
meeting; and (4) issue up to 250,000 shares of Common Stock from time
to time through December 31, 2004.
Specifically, Cinergy proposes to amend its existing retirement
plan for directors, under which non-employee directors of Cinergy, its
two principal public utility subsidiaries, Cincinnati Gas & Electric
Company, an Ohio electric and gas utility, and PSI Energy, Inc., an
Indiana electricity utility, and its service company subsidiary,
Cinergy Services, Inc. have accrued benefits. Under the existing plan,
benefits have been accrued based upon years of service and have been
payable, upon retirement, in cash. Under the Amended Plan these
benefits would, upon retirement, be payable in Common Stock. Cinergy
also proposes to adopt a New Plan for current and future non-employee
directors under which future accruals of retirement benefits will be
paid entirely in shares of Common Stock.
Cinergy requests authority to issue up to 250,000 shares of Common
Stock under the Amended and New Plans from time to time through
December 31, 2004. Common Stock distributed under the Amended and New
Plans may be newly issued or treasury shares or shares purchased on the
open market.
Cinergy seeks authorization to solicit proxies from holders of its
outstanding shares of Common Stock to obtain their approval of the
Amended and New Plan at the annual meeting of shareholders scheduled
for April 21, 1999.
Cinergy requests that the effectiveness of the application-
declaration with respect to the proxy solicitation be permitted to
become effective immediately under rule 62(d). It appears to the
Commission that the application-declaration, to the extent that it
relates to the proposed solicitation of proxies, should be permitted to
become effective immediately under rule 62(d).
It is ordered, that the application-declaration, to the extent that
it relates to the proposed solicitation of proxies, be permitted to
become effective immediately, under rule 62 and subject to the terms
and conditions prescribed in rule 24 under the Act.
For the Commission, by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-6085 Filed 3-11-99; 8:45 am]
BILLING CODE 8010-01-M
