PCW - Pacific Century CyberWorks Limited Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : PCW - Pacific Century CyberWorks Limited

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: ms.smartest.person who wrote (964)	4/3/2001 11:56:51 PM
From: ms.smartest.person	Read Replies (1) of 2248

C&W LOSES POUNDS 3.7BN IN PCCW SALE 2001-04-04 Terms and Conditions CABLE & WIRELESS expects to gain just $ 1.5bn (pounds 1bn) net from offloading its remaining 14.7 per cent stake in Pacific Century CyberWorks through an exchangeable bond. The 3.3 billion shares C&W holds in PCCW had been worth around pounds 4.7bn when it acquired them last August. The extra pounds 1bn cash is expected to boost C&W's resources to about pounds 7bn and is likely to reinforce the company's status as a bid target for indebted telecoms groups. Investors are also likely to step up their crusade for the cash to be returned. C&W originally ended up with a 20 per cent stake, or around 4.5 billion shares, in PCCW when it sold its 54 per cent stake in Hongkong Telecom to PCCW in a cash-and-shares deal last summer. Since then, C&W has reduced its holding in PCCW to 14.7 per cent by selling 5 per cent and by exchanging some stock for shares in CMGI, the US incubator. The deal has proved very costly for C&W as PCCW shares have since collapsed in value. When the deal was struck, PCCW shares were trading at about HK$ 15.80, valuing C&W's total stake at around pounds 6.3bn. Since then, the shares have fallen to almost HK$ 3, valuing the original 20 per cent stake at nearer pounds 1.3bn. Yesterday, C&W said PCCW had waived its share lock-up, freeing it up to sell its entire 14.7 per cent stake. This has permitted the issue of zero coupon bonds exchangeable into the PCCW shares. C&W said the minimum exchange price for the bonds had been set at HK$ 3.6. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next