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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1826)	8/13/2001 10:33:04 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Li rewards executive by selling off shares BEN KWOK Pacific Century CyberWorks chairman Richard Li Tzar-kai has again used his own money to reward senior management. According to a disclosure made to Hong Kong Exchanges and Clearing, Mr Li sold 16 million CyberWorks shares on August 4, leaving his holding in the company at 8.67 billion shares. It said Pacific Century Group, of which Mr Li owned 100 per cent, sold the shares "by way of gift". A CyberWorks spokesman said Mr Li's disposal was in line with his policy of attracting and training the best available management staff. The person who received the 16 million shares is a senior member of CyberWorks' management, but his identity was not revealed. "As the individual involved is not a director and we are not required to disclose any more information, we are respecting the individual's privacy at his request," the spokesman said. At CyberWorks' closing price yesterday of HK$1.88, the shares are worth HK$30.08 million at face value. Analysts said judging by the generous package, the recipient was highly valued in the company's plans. CyberWorks has also been conducting a worldwide search for a chief executive. In April, director Frederick Ma Si-hang, a former banker at JP Morgan, was offered a package that included 7.74 million shares owned by Mr Li. At the time, the shares were worth more than HK$20 million. CyberWorks last week appointed Robert Nicholson, a senior partner at law firm Richards Butler, as senior adviser to the board of directors. Mr Nicholson, 45, will advise CyberWorks on strategic transactions, and be responsible for legal and regulatory affairs. biz.scmp.com