PCCW Equity Funding

This page provides details of the various equity issues for cash by Pacific Century CyberWorks. It does not include shares issued in exchange for assets or shares of other companies.

PCCW Equity Funding
Last update: 15th February 2000

Summary

In the last 9 months PPCW has conducted 5 placings and a US$50m issue to Intel, raising an estimated total of US$2,377m net of expenses, as shown in the table below:

Note: the above table assumes that the over-allotment option for the placing announced on 14-Feb-00 will be exercised.

Placing 5

On 14-Feb-00 PCCW made a preliminary announcement of a placing of 250m shares, subject to an over-allotment option of a further 85m shares at HK$23.50 per share, raising a total of $7,704m (US$990m) assuming exercise of the over-allotment option. The placing was led by BNP Prime Peregrine and BOCI Asia (Bank of China's securities arm). The other placing agents were UBS and CSFB. The shares represent 3.47% of the enlarged issued share capital.

It was intended that the proceeds "may be used in connection with the possible transaction relating to a merger between [PCCW] and Cable & Wireless HKT Ltd."

Placing 4

On 25-Jan-00 PCCW announced a placing of 188m shares at HK$15.80 per share. The next day this was enlarged to 248m shares by the full exercise of an over-allotment option, raising a total of $3,833m (US$492.7m) net of expenses. The placing was conducted through BNP Prime Peregrine (as lead manager), CSFB, HSBC and Jardine Fleming. The new shares represented 2.66% of the enlarged issued share capital.

Of the proceeds, HK$2,945m (US$378.5m) were "earmarked... for the establishment of and investment in CMGI Asia and the implementation of its business plan."

Placing 3

On 13-Oct-99 PCCW announced a placing of 635m shares at HK$6.10 per share. The next day this was enlarged to 668,863,000 shares by the partial exercise of an over-allotment option by BNP Prime Peregrine, the lead manager. The other placing agents were HSBC and Jardine Fleming. The placing raised a total of $3,992m (US$513.1m) net of expenses. The new shares represented 7.96% of the enlarged issued share capital.

Placing 2

On 13-Sep-99 PCCW announced a placing of 360m shares at HK$5.55 per share. The next day this was enlarged to 414m shares by the exercise in full of the over-allotment options. The placing agents were BNP Prime Peregrine, CSFB, HSBC and Jardine Fleming. The estimated proceeds were HK$2,247m (US$288.8m) net of expenses.

It was intended that the proceeds would be used "entirely for the operational launch and development of the business of Pacific Century Convergence Corporation Ltd", a 60% owned subsidiary of PCCW.

Investment by Intel

On 2-Aug-99 PCCW announced that Intel Pacific, Inc would subscribe US$50m for 77,800,000 shares at HK$5 per share. The proceeds were to be invested in Pacific Convergence Corporation, Ltd in order to enable it to purchase equipment from Intel.

Placing 1

On 3-May-99 in conjunction with the takeover of the company by PCG, PCCW (then Tricom) announced a placing of 1,151,056,000 shares at HK$0.31 per share to raise net proceeds of HK$329m (US$42.3m). Note: these figures have been adjusted for the 5:1 consolidation of shares.

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