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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: puborectalis who wrote (7821)	11/25/2001 10:31:30 PM
From: puborectalis	Respond to of 99280

Recent ICGE highlights and actions taken include: -- Delivering on financial commitments - lowered corporate cash S,G&A expense rate to approximately $20 million annually, effective at year-end, a 20% improvement as compared to ICG's prior guidance; ended the quarter with approximately $306 million in cash, short-term investments and available for sale securities; -- Increasing levels of ownership - increased average ownership position in developed partner companies from 35% to 49% by increasing ownership in CommerceQuest, eCredit.com, ICG Commerce, Logistics.com, and One Coast Network (fka USgift); -- Monetizing assets and streamlining ICG's network - closed approximately $150 million in monetizations, achieved primarily through the sale of its stakes in ICG Asia, TALPX, Internet Healthcare Group, and RightWorks; four other companies were liquidated or ceased operations, reducing ICG's network to 52 companies, down from 58 as of the last quarterly release; -- Updating liquidity projection - based on ICG's current liquidity position and expected spending for the remainder of the year, excluding the outstanding debt tender offer or any additional divestiture proceeds, ICG is updating its year-end liquidity projection to at least $250 million, up from its original guidance of $200 million; -- Focusing on resource allocation - announced debt repurchase cash tender offer for up to $300 million in principal at a price of $295 per $1,000 principal amount. If fully subscribed, the debt tender will result in a reduction of $300 million in outstanding convertible notes and a use of approximately $90 million in cash. The tender offer is scheduled to close on November 13.