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Technology Stocks : Nuevo Grupo Iusacell (CEL)
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To: Nancy Haft who wrote (38)2/1/2000 1:16:00 PM
From: Rob Preuss   of 206
 
Mexico's Iusacell to swap ADS, close restructure

MEXICO CITY, Feb 1 (Reuters) - Mexico's No. 2 cellular
telephone firm Nuevo Grupo Iusacell (NYSE: CEL) said on
Tuesday it was offering new American Depository Shares (ADS)
for outstanding ADS in its former company as a way of
completing a restructuring announced in 1998.

"New Iusacell is offering to exchange its full-voting Series
V ADSs for the remaining approximately 687,340 outstanding
Old Iusacell Series D and L ADSs on a one-for-one basis,"
said Iusacell in a statement.

"Each New Iusacell series V ADS represents 10 series V shares
of New Iusacell common stock," it added, calling this "the
final step in the restructuring plan announced by Old
Iusacell in the third quarter of 1998."

The Bank of New York is the exchange agent and the expiry
date is Feb. 29, it added.

The new Iusacell became a limited liability company under
Mexican law in August 1999 and holds most of the capital
stock in the old Iusacell.
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