Silicon Investor (SI) -- The First Internet Community

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 : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (5679)	5/5/2000 8:39:00 AM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 14638

TeleClone To Buy 735,000 Shares Of Nortel Networks Updated 8:12 PM ET May 4, 2000 NEW YORK -(Dow Jones)- TeleClone Inc. (T.TCL) said it will buy about 735,000 shares of Nortel Networks Corp. (NT) over the next five or six days. In a press release Thursday, TeleClone said the 735,000 shares, together with about 9.8 million Nortel shares TeleClone will receive from BCE Inc. (BCE), as part of BCE Inc.'s distribution of Nortel shares, will be delivered to TeleClone's stock lender, Caisse de Depot et Placement du Quebec, to repay in full its stock loan of Nortel shares. TeleClone said it will sell a certain number of BCE shares to raise proceeds to pay for the Nortel shares it buys. TeleClone is considering alternatives for distributing its remaining assets to its Class T shareholders. Some of the alternatives could include distributing the BCE shares TeleClone owns to its Class T shareholders. Due to Caisse de Depot's forbearance when TeleClone was off-side its margin maintenance requirements under the stock loan, TeleClone said it has been able to maintain its short position in Nortel shares and to reap the benefits when BCE Inc. announced its plan for the distribution of Nortel shares. TeleClone is a financial holding company created to hold common shares of BCE in order to allow holders of TeleClone's Class T shares to benefit from any capital appreciation in BCE common shares, apart from appreciation attributable to common shares of Nortel held by BCE. TeleClone currently has 6,158,500 Class T shares outstanding, holds 6,212,400 BCE shares and has a stock loan of 10,491,832 Nortel shares. -Ralph Tasgal; Dow Jones Newswires; 201-938-5400 (This story was originally published by Dow Jones Newswires) Copyright (c) 2000 Dow Jones & Company, Inc. All Rights Reserved