ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, May 31, 1990                   TAG: 9005310261
SECTION: BUSINESS                    PAGE: A-11   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

ROANOKE GAS CO. PLANS STOCK OFFERING

Directors of Roanoke Gas Co. Wednesday approved an offering of 70,685 shares of its common stock to shareholders to raise about $2.2 million for the construction budget.

This action will enable the utility to save the cost of borrowing two-thirds of its needed construction funds this year, said E.C. Dunbar, company president.

The company's 900 shareholders will be offered one right to buy a new share for each eight shares they own. The proposed price per share is $31, or $5 less than the last bid price of $36 on the stock market.

Roanoke Gas stock is seldom available on the market.

Dunbar said that given the $2-per-share annual dividend of each share of stock, the new offering will give shareholders a 6.45 percent yield on their investment.

The stock offering is subject to approval by the State Corporation Commission.

- Staff reports 


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