ATLANTA, April 21 /PRNewswire/ -- On April 12, 2000 the Board of Directors
of Aaron Rents, Inc. (NYSE: RNT RNT.A) announced it authorized an amendment to
the Company's Articles of Incorporation that would permit voluntary conversion
of Class A Common Stock on a share-for-share basis into shares of Common
Stock. The proposed amendment is subject to approval by shareholders at their
annual meeting May 2 in Atlanta.
Over the years the Company's Class A Common Stock has traded at both a
disproportionate premium and discount to the Company's Common Stock, primarily
the result of its low liquidity. The purpose of the proposed amendment and
its conversion right is to improve the liquidity of all of the Company's
common shares to the benefit of all shareholders of Aaron Rents.
The NYSE has advised the Company not to enact this amendment, even though
there are currently other listed companies that have or have obtained this
convertibility feature. Although Aaron Rents management does not agree with
the decision of the NYSE, the Company has determined to abandon the amendment
proposal and will not submit it for vote at the May shareholders meeting.
Aaron Rents, Inc. is the nation's leader in the combined businesses of
rental, rental purchase and the specialty retailing of residential and office
furniture, consumer electronics and home appliances with over 490 Company-
operated and franchised stores nationwide. The Company manufactures
furniture, bedding and accessories at 10 plants in four states.
SOURCE Aaron Rents, Inc.
CONTACT: Gilbert L. Danielson, Executive Vice President, Chief Financial
Officer of Aaron Rents, Inc., 404-231-0011/