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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) MAY 19, 1998
PENFORD CORPORATION
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
WASHINGTON
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-11488 91-1221360
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
777-108TH AVENUE N.E., SUITE 2390
BELLEVUE, WASHINGTON 98004-5193
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (425) 462-6000
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS
On May 19, 1998, the Registrant issued a press release announcing that
its Board of Directors has approved a plan to effect a tax-free spin-off
to its shareholders of the Company's pharmaceuticals subsidiary, Penwest
Pharmaceuticals Co. (PPC). The plan is subject to the satisfaction of
certain conditions. The press release is filed as an exhibit to this
report and is incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(C) EXHIBITS
99.1 Press release dated May 19, 1998
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SIGNATURES:
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.
PENFORD CORPORATION
May 19, 1998 By /s/ Jeffrey T. Cook
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Date Jeffrey T. Cook
Vice President, Finance and
Chief Financial Officer