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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 3, 1998
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CONECTIV
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
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<S> <C> <C>
Delaware I-13895 51-0377417
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(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
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800 King Street, P.O. Box 231, Wilmington, Delaware 19899
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's Telephone Number, Including Area Code 302-429-3525
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None
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
On July 31, 1998, the Company issued a press release announcing the
adoption of a stock repurchase program. A copy of the press release is attached
hereto as Exhibit 99(a) and is incorporated herein in its entirety.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
A press release announcing the adoption of a stock repurchase
program is filed as Exhibit 99(a) to this Report.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Conectiv
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(Registrant)
Date: August 3, 1998 /s/ L.M. Walters
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Treasurer
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EXHIBIT INDEX
99 (a) - Press release announcing the adoption of a stock repurchase
program
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[CONECTIV LOGO]
Exhibit 99(a)
CONECTIV ANNOUNCES STOCK BUYBACK
For Immediate Release: July 31, 1998
Contact Bob Marshall, Investor Relations
302-429-3114
The Board of Directors of Conectiv (Ticker:CIV) on July 30, 1998
authorized the purchase, from time to time, of up to $60 million of the
Company's Common Stock on the open market.
Howard E. Cosgrove, Chairman and CEO of Conectiv, stated "It is in the
best interests of shareholders for management to have the flexibility to
purchase shares. The purchases would be based upon market conditions and
overall capital requirements, and reflects our confidence in Conectiv's
growth strategy."
The repurchase program does not include specific share price targets or
timetables. At July 30, 1998 Conectiv had 101,062,179 shares of its Common Stock
outstanding.
Conectiv was created through the merger of Delmarva Power & Light Company
and Atlantic Energy, Inc. on March 1, 1998. The Conectiv family of companies
includes Delmarva, Atlantic City Electric Company, Conectiv Communications
(telecommunications), Conectiv Services (HVAC services), Conectiv Energy (retail
electricity and gas), Conectiv Solutions (energy services) and Conectiv Thermal
(district heating/cooling).
www.conectiv.com
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