SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of
earliest event reported): June 20, 2000
Commission Registrant, State of Incorporation, I.R.S. Employer
File Number Address and Telephone Number Identification No.
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1-6047 GPU, Inc. 13-5516989
(a Pennsylvania corporation)
300 Madison Avenue
Morristown, New Jersey 07962-1911
Telephone (973) 401-8200
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ITEM 5. OTHER EVENTS.
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On June 20, 2000, GPU, Inc. ("the Company") announced that it had entered
into a definitive agreement to sell GPU PowerNet, the Company's Australian
electric transmission subsidiary, to Singapore Power International (SPI) for
A$2.1 billion (approximately US$ 1.26 billion). Together with additional
transaction considerations, the full value of the transaction will be A$2.175
billion. The Company and SPI are working towards a June 30, 2000 closing.
The Company will use the net proceeds from the sale to reduce outstanding
debt.
As a result of the sale, the Company expects to record an estimated
after-tax loss in the quarter ending June 30, 2000 of between $275 million and
$300 million, including a $60 million foreign currency loss, or a $2.27 to $2.47
loss per share, which includes $0.50 per share for currency losses.
A copy of GPU's related news release is annexed as an exhibit.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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(c) Exhibit
1. GPU News Release, dated June 20, 2000.
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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 THEREUNTO DULY AUTHORIZED.
GPU, INC.
By: /s/ T. G. Howson
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T. G. Howson, Vice President
and Treasurer
Date: June 21, 2000
