[Federal Register Volume 64, Number 43 (Friday, March 5, 1999)]
[Notices]
[Pages 10729-10730]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-5465]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26981]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
February 26, 1999.
Notice is hereby given that the following filing(s) has/have been
made
[[Page 10730]]
with the Commission pursuant to provisions of the Act and rules
promulgated under the Act. All interested persons are referred to the
applications(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 20, 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 issued in the
matter. After March 20, 1999, the application(s) and/or declaration(s),
as filed or as amended, may be granted and/or permitted to become
effective.
Cinergy Corp. (70-9445)
Cinergy Corp. (``Cinergy''), 139 East Fourth Street, Cincinnati,
Ohio 45202, a registered holding company, has filed a declaration under
sections 6(a) and 7 of the Act and rule 54 under the Act.
On December 12, 1999, Cinergy's board of directors adopted the
Cinergy Corp. Sharesave Scheme, an employee savings plan (``Plan''),
for employees of Cinergy Global Power Services Ltd. (``CGPS''), an
indirect wholly owned subsidiary of Cinergy organized under the laws of
the United Kingdom. Adoption of the Plan does not require shareholder
approval. Cinergy proposes to issue and sell under the Plan up to
75,000 shares of Cinergy common stock (``Common Stock'') to employees
of CGPS through December 31, 2004.
An employee may participate in the Plan by entering into a savings
contract (``Savings Contract'') under which he or she would make
monthly contributions into a savings account (``Savings Account'') for
either a three or five year period (``Savings Period''). Each employee
participating in the Plan would be granted a right, which may be
exercised at the end of the Savings Period, to acquire shares of Common
Stock using the funds accumulated in his or her Savings Account. The
price at which the shares may be acquired by the employee would be set
at a discount of up to twenty percent off the average high and low
sales price for the Common Stock on a predetermined date preceding the
execution by the employee of the Savings Contract.
Participants are not required to exercise their right to acquire
shares of Common Stock. If the Option Price is higher than the market
value of the Common Stock on the Option maturity date, participants may
withdraw the amounts accrued in their respective Savings Accounts to
that date.
A three-person committee, initially made up of two CGPS officers
and one Cinergy officer, will administer the Plan, which will have a
ten year duration. Cinergy intends to use authorized, unissued, as well
as, previously issued shares of Common Stock acquired by Cinergy to
provide the shares acquired through the Plan.
Cinergy proposes to use proceeds from sales of Common Stock under
the Plan for general corporate purposes.
For the Commission by the Division of Investment Management,
under delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 99-5465 Filed 3-4-99; 8:45 am]
BILLING CODE 8010-01-M
