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Strategies & Market Trends : IPPs and Merchant Energy Co.s -- Ignore unavailable to you. Want to Upgrade?

To: majaman1978 who wrote (859)	1/3/2003 12:49:47 AM
From: Larry S.	Respond to of 3358

CenterPoint says to distribute Texas Genco shares Thursday January 2, 2:36 pm ET HOUSTON, Jan 2 (Reuters) - Utility CenterPoint Energy Inc. (NYSE:CNP - News) on Thursday said next week it will distribute shares of its Texas Genco generating unit, which will then trade separately on the New York Stock Exchange. The company, based in Houston, said its shareholders will receive one share of Texas Genco for every 20 shares of CenterPoint common stock owned as of Dec. 20. The shares will be distributed on Jan. 6, after which they will be listed on the NYSE under the ticker symbol "TGN." Texas Genco is expected to pay a quarterly cash dividend of 25 cents per share, CenterPoint said in a statement. Earlier this month, CenterPoint said it would distribute 19 percent of Texas Genco's outstanding common stock in an effort to recover the value of its generation assets and stranded costs, or the amount that book value exceeds the assets' market value. Shares of CenterPoint were down 9 cents, or 1 percent, at $8.41 in afternoon trade Thursday on the New York Stock Exchange.