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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Big Bucks who wrote (5783)4/24/2000 2:35:00 PM
From: tayspop729  Read Replies (1) of 15615
 
Yes, I knew about the GC IPO, and expected some additional
shares to be distributed but not another 3.4 BILLION. I
honestly expected possibly another 500M-800M shares in order
to keep the value of the stock high.

Global Crossing Ltd. (GBLX) is seeking shareholder approval to set the total number of common shares at 4.5 billion, according to a filing Monday with the Securities and Exchange Commission.

If approved, the proposal will allow Global Crossing to issue up to 4.5 billion shares of stock, including 3 billion Global Crossing shares and 1 billion GlobalCenter tracking stock common shares.

As reported, the company plans to have an initial public offering of its GlobalCenter tracking shares in the near future.

The proposal doesn't specify what is to occur with the remaining 500 million authorized common shares. The company hasn't yet set a date for the shareholder meeting to vote on this proposal.

Regards,

Scott W.

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