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 (1059)	4/12/2001 12:24:31 AM
From: ms.smartest.person	Read Replies (1) of 2248

HKEx Says Granting PCCW Waiver Abides by London Rules Apr 12, 2001 - 08:46:10 HKT Quamnet News Service Hong Kong Exchanges and Clearing Ltd. (0388), the city's sole marketplace for stocks and futures, said it had considered the Rules of the London Stock Exchange when establishing the threshold of HK$2 billion granted to Pacific Century CyberWorks (0008), which owns Hong Kong's largest phone company. HKEx said LSE permits the use of gross assets rather than net assets when classifying transactions. The equivalent LSE threshold for Hong Kong's discloseable transactions is 5 percent of gross assets. Therefore, the terms of PCCW's waiver were determined based on 5 percent of the unaudited gross assets less current liabilities of the PCCW Group as at Aug. 31 less certain cash balances which were to be used for debt repayments in the short term, rounded down to the nearest billion. This resulted in the figure of HK$2 billion. "HKEx, after working closely with the Securities and Futures Commission, established a threshold of HK$2 billion for the assets test and consideration test for notifiable transactions under the rule," said HKEx in a statement. "All other tests remain the same and the alternative set of tests does not apply to connected transactions." PCCW requested a waiver from the exchange, which concerns the calculation of various size tests for the classification of notifiable transactions, after acquiring Cable & Wireless HKT Ltd. in August, HKEx said. HKEx said it believes that a balance between regulatory requirements and investor protection without restricting the issuer's business activities has been achieved in the PCCW case. PCCW shares ended yesterday up 3.9 percent at HK$2.625. quamnet.com

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