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.”
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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