Does this policy make sense if MRVC does the same to us?
Xcelera.com Announces New Public Shareholder IPO Rights Policy
GRAND CAYMAN, British West Indies--(BUSINESS WIRE)--March 6, 2000-- Xcelera.com Inc. (AMEX:XLA - news), the international Internet holding company, today announced its new policy for public shareholder participation in initial public offerings (``IPO') of its affiliated privately held companies.
The Xcelera.com board has voted to establish a policy of granting its public shareholders a preemptive right to subscribe for a portion of IPO shares of each of its affiliated companies when, and if, the respective affiliated company has an IPO of its common stock. The share allocation, to be made available to the XLA shareholders will be determined by negotiation between the board and the respective underwriter for the affiliated company. For each IPO by an affiliated company, XLA will announce the amount of shares allocated and made available to the XLA public shareholders. Each shareholder will receive an individual allocation of shares in the affiliated company's IPO directly proportional to their holdings in XLA on the record date established for each IPO. The price to be paid by the XLA shareholders would be the same price paid by other purchasers in the initial public offering. The board of directors will be guided by the goal of maximizing the shareholder value for the XLA shareholders. The terms of the rights offering will be filed with the SEC, if needed, and made to XLA shareholders of record on a specified date prior to the IPO effective date.
This policy is intended for public shareholders only and does not extend to the management of Xcelera.com or VBI Corporation. The management of Xcelera.com and VBI Corporation intend to fully give its share of IPO rights to the public shareholders.
The price, amount and percentage of IPO shares made available to the XLA shareholders for a specific company will likely fluctuate greatly for various reasons, such as the condition of the financial markets, the percentage of ownership of XLA in the affiliated company, the views of the underwriters, the views of the management and partners in the affiliates companies and various other factors. XLA currently has no understandings or agreements for the IPO of any affiliated companies. There can be no assurance that any of the privately held affiliate companies will ever have an IPO of their common stock, or regarding the price or the actual amount or percentage of shares, if any, in an affiliated company that will be made available.
About Xcelera.com
Xcelera.com, an Internet holding company, trades on the American Stock Exchange under the symbol ``XLA'. The company's efforts are focused on European Internet companies, Internet infrastructure companies, B2B companies and companies that provide their complete service and value proposition digitally on the Internet. The company is actively expanding its portfolio of Internet companies.
The company presently has interests in Mirror Image Internet, an Internet infrastructure company that speeds up the Web; deo.com, an Internet music portal; MNW Records, Scandinavia's leading record company which plans on producing music over the Internet; e-game.com, a leading developer and distributor of adgames; and Corechange, a leading Web based infrastructure technology company focused on the B2B market; and Wideyes, an international Internet recruitment company focused on the European marketplace. |
