PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (926)	4/2/2001 4:57:09 AM
From: ms.smartest.person	Read Replies (1) of 2248

DJ MARKET TALK/HK:Hedgers May Sell PCCW Shrs; Bond Switch 15:35, 2001-04-02 1412 [Dow Jones] As conversion price for Pacific Century CyberWorks (0008) shares likely much lower for Cable & Wireless PLC's exchangeable bonds (likely about $3.50) than for PCCW's actively traded convertible bonds ($7.86), any switch by PCCW warrant issuers from convertible to C&W's exchangeable (likely because latter's credit rating more stable) may involve selling some residual PCCW shares from their hedging portfolio; if exchangeable's strike (to be determined) indeed $3.50, then every $1 million worth of switch may involve selling up to about 100,000 PCCW shares; there are now 18 issues of PCCW call warrants.(IVW) Copyright c 1999-2000 Dow Jones Inc. All rights reserved. quamnet.com

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