(LVLT) - Level 3 Communications Message Board

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Technology Stocks : (LVLT) - Level 3 Communications

LVLT 53.63

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Nov 1 5:00 PM EST

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To: IngotWeTrust who wrote (3236)	7/16/2002 11:48:55 AM
From: H James Morris	Read Replies (1) of 3873

BROOMFIELD, Colo. -- Level 3 Communications Inc. wants to amend its stock-option plan to provide incentives for employees and owners. Company officials said Monday that the statement was intended to address questions from stockholders after a proxy issued in June. The fiber-optic network provider will seek approval during its July 24 annual meeting to set aside 50 million shares for the amended stock plan. Company officials said the plan would let Level 3 attract workers they believe would perform better than those who don't have a stake in the company. The company said Institutional Shareholder Services, a provider of proxy voting and corporate governance services, has endorsed the proposal. Level 3 has built a 20,000-mile fiber optic network around the world, serving customers such as the regional Bell carriers, Internet service providers and cable TV companies. This month, billionaire Warren Buffett and two other investors agreed to invest a total of $500 million in the company to help it fund acquisitions as the telecommunications industry consolidates. Level 3 has roughly $6.4 billion in debt. Shares of Level 3 dropped 2 percent to close Monday at $5.45 a share on the Nasdaq Stock Market.

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