PCCW - reverse stock splitt


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jungchen:

PCCW - reverse stock splitt

 
09.12.02 11:34
PCCW Announces Share Consolidation

Hong Kong / New York, December 6, 2002 - PCCW Limited today announced that it proposes to consolidate every five ordinary shares of HK$0.05 each in the capital of the Company into one ordinary share of HK$0.25 in the capital of the Company subject to approval by the company’s shareholders.

On consolidation, the existing board lot of 1,000 shares for trading on the Stock Exchange of Hong Kong will remain unchanged.

At the time of this announcement, the authorized share capital of the company is HK$1,600,000,000 divided into 32,000,000,000 shares, of which 23,268,769,346 shares are in issue. Immediately after consolidation, the authorized capital of the company will remain at HK$1,600,000,000, but will comprise 6,400,000,000 new shares of which not less than 4,653,753,869 will be in issue. This figure will be adjusted to account for any shares issued between today and the date of consolidation.

PCCW also has securities in the form of American Depositary Receipts  (ADRs) listed on the New York Stock Exchange. Each ADR represents ten shares. On the consolidation becoming effective, the outstanding ADRs will be consolidated in order to mirror the consolidation in Hong Kong.

It is proposed to achieve this by exchanging every five outstanding ADRs for one new ADR. The new ADR would represent ten new shares.

PCCW Group Chief Financial Officer Alex Arena said: “This initiative benefits our shareholders and the company. The consolidation gives our shareholders an interest in a company which has a traded value in line with the current valuation of comparable stocks.”

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Kicky:

bissiger Kommentar PCCWminus 10,4% heute

 
09.12.02 14:48
In the joke news of the day, PCCW said it plans to carry out a five to one share consolidation in what we see as a cheap bid to boost its share price and regain a semblance of respectability. It will not deserve respect, however, until it has earned it, and that will be hard under its current tutelage.

There are currently a bit over 23 bln shares in issue (authorized capital is HK$1.6 bln, or 32 bln shares), but after the consolidation there will be 4.653 bln shares outstanding out of a total 6.4 bln authorized. A consolidation would also affect the ADRs, which currently trade at 1 ADR per 10 ordinary shares, replacing every five existing ADRs with one new and improved ADR, maintaining the 1:10 ratio.

Before today's massive sell-down, the adjustment would have resulted in an increase in the per share price from HK$1.44 to HK$7.20.

Clearly the share consolidation does nothing fundamentally except take the share out of the realm of penny stock, possibly making it more attractive for international investors with short memories. It perhaps could also set the scene for future fund-raising as the share price would appear more substantial. This is nothing more than a cheap trick, more smoke and mirrors by a company known for that, and it cannot change one's fundamental view of its management or its business future.

- PCCW (8) dropped $0.15, 10.42%, to $1.29
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jungchen:

seit heute

 
08.01.03 13:37
werden die neuen aktien gehandelt. neue wkn lautet 165235.
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