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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: pennywise who started this subject8/20/2001 8:23:30 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Telstra write-offs anger investors
The Australian Financial Review - ABIX; Aug 20, 2001
BY CHRISTINE LACY

The Australian telco, Telstra, spent over $A850m on equity investments in 1999 and 2000. The money spent included investments in the Australian high technology companies Solution 6, SMS Consulting (formerly named Sausage Software), Keycorp and the US companies, Dynergy and Extant. In late August 2001, Telstra is reviewing the investments as it seeks to write down exposures of more than $A450m. Telstra may also write down its investment in the Hong Kong-based Pacific Century CyberWorks. The write-downs have angered investors in the telco. On 17 August 2001, shares in Telstra closed at $A4.92 on the Australian Stock Exchange, 33% below the $A7.40 price retail investors paid for shares in the Telstra 2 float in October 1999.

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