6-Feb-2001 09:22 PCCW<0008> - Announcement (1)
The Stock Exchange of Hong Kong Limited takes no responsibility for
the contents of this announcement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
Pacific Century CyberWorks Limited
(Incorporated in Hong Kong with limited liability)
The directors of Pacific Century CyberWorks Limited note an
article which appeared in the Hong Kong Economic Times on 5 February
2001 which purports to contain certain estimates and projections with
respect to one of the Company's operating subsidiaries, PCCW-HKT
Telephone Limited (`PCCW-HKT Telephone').
The directors of the Company wish to emphasize that the information
contained in the Confidential Memorandum (as described below) was
provided to prospective lenders on a strictly confidential basis
solely for the purpose of assisting prospective participants in the
recently announced US$4.7 billion syndicated loan facility for
PCCW-HKT Telephone. The above article contains information that has
not been audited and was prepared on the basis of numerous
assumptions and qualifications. The Company has not authorised the
release of such information to the public.
Investors are advised to exercise caution in dealing in the
securities of the Company based on the information contained in the
Article.
The directors of Pacific Century CyberWorks Limited (the `Company')
note an article which appeared in the Hong Kong Economic Times on 5
February 2001 (the `Article') which purports to contain certain
estimates and projections with respect to one of the Company's
operating subsidiaries, PCCW-HKT Telephone. PCCW-HKT Telephone is the
operating subsidiary through which the Company provides fixed line
telecommunications services in Hong Kong.
The information contained in the Article appears to have been
extracted from a confidential information memorandum (the
`Confidential Memorandum') which was prepared by the Company on a
strictly confidential basis solely for use by prospective lending
banks in considering participation as syndicate lenders in the
US$4,700,000,000 Senior Unsecured Term Loan Facility (the `Facility')
which was recently raised by PCCW-HKT Telephone.
The information contained in the Confidential Memorandum was
prepared for the sole purpose of assisting prospective participants
in the syndicated loan facility in making their own evaluation of
PCCW-HKT Telephone. Such information was prepared for illustrative
purposes only, and does not purport to be all-inclusive or to contain
all of the information that may be material to a prospective
participant's decision to participate in the financing, or to the
decisions of current or prospective investors to retain or acquire
the securities of the Company.
The Confidential Memorandum included certain estimates, projections
and assumptions regarding future operating performance, costs, growth
and capital expenditure of PCCW-HKT Telephone, including future
growth and other trend projections of the telecommunications
industry. Such forward-looking statements of goals and expectations
were based on numerous assumptions regarding the anticipated effects
of future events on current and developing circumstances which
management of PCCW-HKT Telephone believes to be reasonable but are
not, and cannot be, predictive of future results. Actual results may
differ materially depending on factors such as, but without
limitation to, general economic conditions, competition, technical
difficulties, the regulatory environment, and the need for increased
capital expenditure (such as those resulting from increased demand
for usage, new business opportunities and deployment of new
technologies).
The directors of the Company wish to emphasize that the information
contained in the Confidential Memorandum was provided to the
prospective lenders on a strictly confidential basis for the limited
purpose described above. The information has not been audited and was
prepared on the basis of numerous assumptions and qualifications. The
Company has not authorised the release of such information to the
public.
The directors of the Company also wish to emphasize that the
estimates and projections contained in the Article are incomplete and
relate solely to certain aspects of the estimated performance of one
operating subsidiary of the Company, based on a number of assumptions
and qualifications as described above. Such estimates and projections
do not constitute a formal profit forecast prepared by the Company,
and should not be used as a basis for making investment decisions
regarding the securities of the Company.
(End)
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