ICO Global Communications Extends Rights Offering to July 27, 1999
Monday June 21, 10:27 am Eastern Time
Company Press Release
LONDON--(BUSINESS WIRE)--June 21, 1999--ICO Global Communications (Holdings) Limited (Nasdaq: ICOGF -
news) announced today that its rights offering, previously scheduled to be completed on June 24, has been extended to July 27,
1999.
The new record date for the rights offering will be July 27, 1999.
As of June 18, ICO had received subscriptions in its rights offering totalling less than the $500 million minimum required for the
rights offering to be completed.
In connection with the extension of the rights offering, ICO is considering several alternatives to help raise the additional funds,
including amending the price, the number of shares subject to the rights offering, and other terms and conditions of the rights
offering, as well as seeking outside investors. ICO is also proceeding with a cash conservation plan.
The Company's ability to finance its cash needs will depend on its ability to raise additional financing in the near term through
the rights offering or other means.
There can be no assurance that ICO will be able to obtain adequate financing. Such inability would have a material adverse
effect on the Company's liquidity, results of operations, financial condition and viability.
A copy of the prospectus can be obtained by contacting the Information Agent, Georgeson & Company Inc., at Wall Street
Plaza, New York, New York 10005, telephone 800/223-2064 or 212/440-9800.
Subscriptions received through June 18, 1999, will be carried over to the new expiration date. Shareholders who wish to
withdraw their subscriptions may do so by notifying the Subscription Agent.
The Subscription Agent is The Bank of New York and can be reached by calling 212/815-6173, by sending a facsimile to
212/815-6213, or by writing to The Bank of New York, Tender and Exchange Department, P.O. Box 11248, Church Street
Station, New York, New York 10286-1248, U.S.A.
Editors' Note
ICO Global Communications (Nasdaq: ICOGF - news) was established in January 1995 as a private company to provide
global mobile personal communications services by satellite, including digital voice, data, facsimile, high penetration notification,
and messaging services. ICO Global Communications was listed on Nasdaq in July 1998.
For more information on ICO, please contact:
Tom Myers
Vice President, Investor Relations
ICO Global Communications (Holdings) Ltd.
Tel: +44 181 600 0604
Fax: +44 181 741 0856
Email: tom.myers@ico.com
Contact:
ICO Global Communications (Holdings) Ltd.
Tom Myers, VP, Investor Relations, +44 181 600 0604
Fax: +44 181 741 0856
tom.myers@ico.com
More Quotes and News:
ICO Global Communications (Holdings) Ltd (Nasdaq:ICOGF - news)
Related News Categories: computers, internet, telecom
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