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Technology Stocks : Nuevo Grupo Iusacell (CEL)

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To: Highway Jim who wrote (191)	9/19/2003 5:37:49 PM
From: Rob Preuss	Read Replies (1) of 206

Mexico's Iusacell Seeks Share Conversion, Reverse Split Friday September 19, 3:58 pm ET MEXICO CITY -(Dow Jones)- Mexico's Grupo Iusacell SA said Friday it will propose to shareholders the conversion of all of its shares into a new, single stock class with full voting rights following a reverse split. The country's third-largest wireless phone company said in a filing with the Mexican Stock Exchange that it will propose at a shareholders meeting on Oct. 17 to convert all of its class "A" and "V" shares into a single stock class. The conversion will also include a reverse split of one new share for 20 class "A" or "V" shares. The company has a total of 1.86 billion shares outstanding, of which 961.3 million are class "A" shares and 900.7 million class "V" shares. About 25% of the company's shares float on stock markets in Mexico City and New York. Iusacell's American Depositary Receipts that trade on the New York Stock Exchange (News - Websites) are composed of 100 class "V" shares. Iusacell class "V" shares trading on the Mexican Stock Exchange were up 5.3% Friday afternoon to 0.77 pesos ($1=MXN10.8780). The reverse split is used by companies seeking to raise the price of its stock because they think current prices are too low to attract investors. Once the restructuring is completed, the company will cancel all of its "A" and "V" shares. The stock restructuring plan comes after U.S.-based Verizon Communications Inc. and Vodafone Group Plc of the U.K. sold their controlling stakes in Iusacell to local magnate Ricardo Salinas Pliego for about $7.4 million in July. With 1.95 million subscribers, Iusacell is among Mexico's top three wireless phone operators after America Movil SA (AMX) and Spain's Telefonica Moviles SA ( TEM). Company Website iusacell.com.mx -By Santiago Perez, Dow Jones Newswires; (5255) 5080-3451; santiago.perez@dowjones.com

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