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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (113)	1/18/2001 10:24:26 PM
From: ms.smartest.person	Read Replies (1) of 2248

Telstra stands by its (PCCW) man January 18, 2001 Despite precipitous falls in the share price of Richard Li’s Pacific Century CyberWorks (PCCW), Telstra Corporation (TLS) is apparently unfazed. A Telstra spokesperson was quoted this morning in the South China Morning Post that: “It doesn't change Telstra's position. Telstra remains confident and we are working to finalise the alliance.” PCCW fell below HK$4 (A$0.93) yesterday for the first time since it took over Cable & Wireless HKT in August 2000, shaking the confidence of at least some investors over whether the Telstra-PCCW alliances would progress as scheduled. PCCW closed at HK$3.875 (A$0.90) yesterday, down 5.7%. The most recent selling has been sparked by fears that Cable & Wireless plc will unload half of its 15.3% stake in PCCW next month when it comes out of escrow. Despite discussions, PCCW so far has been unable to come up with a buyer for the stock, leaving a large overhang over the market. The falling share price is likely to hit the US$750 million that Telstra has agreed to take up in PCCW convertible notes as part of its US$2.4 billion investment. The deal with PCCW has already been renegotiated once, seeing Telstra win greater control over the Hong Kong Mobile Network and improve the terms of its debt issue. However, it is unlikely the terms of the deal could be adjusted again, as PCCW shareholders approved an alliance with Telstra on Tuesday and Telstra shareholders will vote on January 31. At 1125 AEST, Telstra Corp shares were trading 4c higher at $6.90. egoli.com.au

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