From the 31 Mar 99 qtrly rpt (more dead horse beating re: BLS investment & Anschutz sale) --
Page 9 of the electro version available through the SEC's Edgar database has the following "notes to financial statements" entry:
"(11) Subsequent Events
In May 1999, Qwest's stockholders approved an increase in the number of authorized common shares from 600 million to 2 billion.
In April 1999, BellSouth Corporation (together with its subsidiaries, "BellSouth") and Qwest announced a strategic relationship whereby BellSouth will invest approximately $3.5 billion for an approximately 10 percent equity stake in Qwest. Qwest will issue approximately 20.35 million shares to BellSouth in exchange for approximately $1.9 billion in cash. Qwest's principal stockholder, Anschutz Company, will sell approximately 16.65 million shares to BellSouth for approximately $1.6 billion. The investment is conditioned on the termination of the Hart-Scott-Rodino Antitrust Act waiting period. At the same time, a BellSouth affiliate and Qwest entered into a commercial arrangement for provisioning of a full range of integrated digital data, image and voice communications services for customers. These services will include Qwest's portfolio of data networking, Internet and voice services and BellSouth's local networking services. Once BellSouth is allowed to enter the long distance market, the companies will jointly develop and deliver a comprehensive set of end-to-end, high-speed data, image and voice communications services to business customers, with an emphasis on broadband and Internet-based data services. [page 9 ends & page 10 begins]
In April 1999, Qwest announced that its board of directors approved a two-for-one stock split in the form of a stock dividend for stockholders of record as of the close of business on May 3, 1999. The new shares will be distributed on May 24, 1999. The effect of this stock split is *not* reflected in the accompanying condensed consolidated financial statements." [my *__* emphasis]
Thought I'd post this so that recent visitors (including me, of course) can track who got money in exchange for shares in May 1999, and how come the documents back then talked about a price per share in the 90s instead of the high 40s like more recent postings. Betcha it was the stock split what fooled us. 8-)
Regards,
Harry
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