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Technology Stocks : Nuevo Grupo Iusacell (CEL) -- Ignore unavailable to you. Want to Upgrade?

To: Rob Preuss who wrote (194)	9/23/2003 12:21:42 AM
From: Rob Preuss	Respond to of 206

Mexico Iusacell proposes share restructure Monday September 22, 9:01 pm ET MEXICO CITY, Sept 22 (Reuters) - Mexico's No. 3 mobile phone operator Grupo Iusacell (NYSE:CEL - News; Mexico:CELV.MX - News) said on Monday it was proposing to exchange its Series "A" and Series "V" shares for a new common share class. The proposal will be put to shareholders at a meeting on Oct. 17, the company said in a news release. Under the proposal, every 20 shares of the Series "A" and "V" classes would be exchanged for a single share of the new class carrying full voting rights. The restructure would "increase certainty for minority investors, promote transparency and simplify the participation of minority shareholders," the company said. It would be reflected in the company's American Depositary Receipt (ADR) traded in New York. In July Mexican tycoon Ricardo Salinas won control of Iusacell after major shareholders brushed aside rival bids from Iusacell debt holder Fintech Advisory investment fund. The Salinas Group, as the Salinas empire of companies is known, said its next step would be to contact Iusacell creditors and renegotiate the company's huge debt load. Since Salinas announced his intention to buy Iusacell its more widely traded "V" class share has been volatile on the Mexican stock market. On Monday the share closed down 2.75 percent at 0.744 pesos, while the ADR lost 1.43 percent to $6.90. Its "A" share last traded on July 29, the day Salinas clinched the Iusacell deal.