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 (1902)	9/3/2001 10:31:01 PM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW (0008) modified assets $43.3B 2001/09/03 10:31 (Infocast News) Pacific Century CyberWorks Limited (0008) (PCCW) announced that Stock Exchange (SEHK) approved the company's application for the right to apply the "modified assets test" as described in the SEHK's announcement dated 24 August,2001 which will remain in effect until the publication or the due date of publication of the company's next annual report. The percentage ratio thresholds to determine disclosure and shareholder approval requirements has been amended to 1% of the modified assets basis of the company, which is equal to $433 million to PCCW. The company has negative net tangible assets as a result of the requirement under the relevant accounting standards to write-off to reserves $172.014 million goodwill arising from the acquisition of subsidiaries. Rules in relation to the modified assets test have been set out by SEHK for the company with negative net tangible assets. As set out in the amended rules, the value of the company will be determined in terms of the modified assets instead of net asset value, i.e. total assets less intangible assets and current liabilities without deducting long-term liabilities. Based on the company's unaudited pro forma consolidated balance sheet as at 31 December, 2000, which was published in the company's announcement dated 1 June, 2001, the "modified assets" of the company are equal to $43.324 billion, being gross assets ($59.588 billion) less intangibles ($3.242 billion) and current liabilities ($13.022 billion). BACK -------------------------------------------------------------------------------- © Copyright by Infocast Ltd. All Rights Reserved. Disclaimer: Infocast Ltd endeavours to ensure the accuracy and reliability of the information provided but does not guarantee its accuracy or reliability and accepts no liability, whether in tort or contract or otherwise, for any loss or damage arising from any inaccuracies or omissions. infocastfn.com

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