Pacific Century CyberWorks HK.8 Announcement 2/6/01
eng.stockhouse.com.hk
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
INVESTORS ARE ADVISED TO EXERCISE CAUTION IN DEALING IN THE SECURITIES OF THE COMPANY BASED ON THE INFORMATION CONTAINED IN THE ARTICLE.
In accordance with established practice, the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and Hong Kong GAAP, it is not intended that the Company will publish results of the performance of PCCW-HKT Telephone or any of its other operating subsidiaries on a stand-alone basis in the future.
By Order of the Board
Donald J. Hess
Company Secretary
Hong Kong, 5 February 2001 |
