PCCW Equity Funding
15 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.
Of the proceeds, US$129m were used for the investment in SoftNet Systems.
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.
© Webb-site.com, 2000
Organisations in this story
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy