¾ÅÉ«

Cincinnati-based insurance holding company Great American Financial Resources Inc. announced the expiration of its rights offering, as scheduled, at 5 p.m. Sept. 22, 2003.

More than 4.2 million shares of the company’s common stock were available for purchase in the rights offering at a price of $14 per share. Preliminary calculations indicate that about 3.8 million shares were purchased pursuant to the basic subscription rights and approximately 13,308 shares were subscribed for and purchased pursuant to the oversubscription privilege.

Included in these amounts are more than 3.5 million shares acquired by Great American Insurance Co. through the exercise of its basic subscription rights. As a result, Great American Insurance Co.’s ownership of the company’s common stock will remain at approximately 82 percent.

Based on the preliminary results, the company estimates that Carl H. Lindner, the company’s chairman of the board, will acquire approximately 433,813 shares in the rights offering. Lindner had committed to purchase, at the subscription price of $14 per share, any shares offered in the rights offering not purchased pursuant to the basic subscription rights or the oversubscription privilege. As a result, all shares offered in the rights offering have been acquired and the company will realize gross proceeds of approximately $59.7 million.

Final results of the rights offering will be available following the guaranteed delivery period, which will expire Sept. 25. Certificates for shares purchased will be mailed shortly thereafter.