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Feedback
09:42 23-OCT-2000
PCCW (0008-HK) to suspend trading this morning
A spokesman of Pacific Century CyberWorks told wires that the company will suspend trading this morning.
The company announced the suspension through the stock exchange, pending the release of an announcement in connection with a proposed open offer of shares in the company to its shareholders and the issuance of convertible bonds in a wholly owned subsidiary of the company.
(End)
PCCW (0008-HK) to suspend trading this morning
A spokesman of Pacific Century CyberWorks told wires that the company will suspend trading this morning.
The company announced the suspension through the stock exchange, pending the release of an announcement in connection with a proposed open offer of shares in the company to its shareholders and the issuance of convertible bonds in a wholly owned subsidiary of the company.
(End)
11:13 23-OCT-2000
PCCW (0008-HK)/Telstra JV to be listed next year
Dominant Australian telecoms company Telstra Corp Ltd said the first public offering arising from its pan-Asian joint venture with Hong Kong`s Pacific Century Cyberworks (PCCW) would probably be in mid-2001.
Ziggy Switkowski, chief executive officer of Telstra, told the Nine Network`s Business Sunday programme that it was agreed right from the beginning that the joint enterprises will be taken to the market quickly.
The Internet Protocol (IP) backbone company would be first, some time in the next nine months or thereabouts, subject to market conditions.
Telstra and PCCW released on October 13 the revised terms of an alliance to establish up a 50:50 Internet Protocol network joint venture and a mobile group, 60 pct owned by Telstra and 40 pct by PCCW.
The revised deal gave Telstra more control over PCCW`s mobile phone assets and cut its cash commitment by A$1 billion (HK$4.28 billion).
Mr Switkowski said he was confident of the value of the IP backbone company, adding that the venture would have annual revenues of about US$2 billion (HK$15.6 billion) and EBITDA of about US$500 million.
He disclosed that the company is negotiating with international telecommunications companies targeting the Asian market, but denied that AT&T is one of them.
(End)
PCCW (0008-HK)/Telstra JV to be listed next year
Dominant Australian telecoms company Telstra Corp Ltd said the first public offering arising from its pan-Asian joint venture with Hong Kong`s Pacific Century Cyberworks (PCCW) would probably be in mid-2001.
Ziggy Switkowski, chief executive officer of Telstra, told the Nine Network`s Business Sunday programme that it was agreed right from the beginning that the joint enterprises will be taken to the market quickly.
The Internet Protocol (IP) backbone company would be first, some time in the next nine months or thereabouts, subject to market conditions.
Telstra and PCCW released on October 13 the revised terms of an alliance to establish up a 50:50 Internet Protocol network joint venture and a mobile group, 60 pct owned by Telstra and 40 pct by PCCW.
The revised deal gave Telstra more control over PCCW`s mobile phone assets and cut its cash commitment by A$1 billion (HK$4.28 billion).
Mr Switkowski said he was confident of the value of the IP backbone company, adding that the venture would have annual revenues of about US$2 billion (HK$15.6 billion) and EBITDA of about US$500 million.
He disclosed that the company is negotiating with international telecommunications companies targeting the Asian market, but denied that AT&T is one of them.
(End)
Top Financial News
Mon, 23 Oct 2000, 2:08pm EST
Telstra May Dilute Asia Mobile Venture Stake to Expand, TV Says
By Richard Noonan
Melbourne, Oct. 22 (Bloomberg) -- Telstra Corp. may dilute its 60 percent stake in a mobile phone venture with Pacific Century CyberWorks Ltd. via an equity swap so it can expand the Asia business, Chief Executive Ziggy Switkowski told the Nine Network`s Business Sunday television program.
``At a minimum we could take 9 percent and use it to trade for reciprocal equity in another company,`` said Switkowski, adding Telstra might also directly invest in wireless assets or set up franchise models with other operators so that it can expand the business beyond Hong Kong and Australia.
He told the program there are ``quite a few`` global telecommunications companies that have already approached Telstra about an alliance in Asia, though he said he was ``perplexed`` by reports that it was in talks with U.S.-based AT&T Corp. Telstra would probably also seek an initial public share sale of the Internet Protocol Backbone Co. venture with Hong Kong`s CyberWorks within the next nine months, he said, adding the IPO would probably be valued at about $6 billion.
Telstra, Australia`s No. 1 telecommunications company, said earlier this month it would pay $1.68 billion to CyberWorks to take a 60 percent stake in the Asian mobile phone venture.
(Nine Network, Business Sunday, Oct. 22.)
Mon, 23 Oct 2000, 2:08pm EST
Telstra May Dilute Asia Mobile Venture Stake to Expand, TV Says
By Richard Noonan
Melbourne, Oct. 22 (Bloomberg) -- Telstra Corp. may dilute its 60 percent stake in a mobile phone venture with Pacific Century CyberWorks Ltd. via an equity swap so it can expand the Asia business, Chief Executive Ziggy Switkowski told the Nine Network`s Business Sunday television program.
``At a minimum we could take 9 percent and use it to trade for reciprocal equity in another company,`` said Switkowski, adding Telstra might also directly invest in wireless assets or set up franchise models with other operators so that it can expand the business beyond Hong Kong and Australia.
He told the program there are ``quite a few`` global telecommunications companies that have already approached Telstra about an alliance in Asia, though he said he was ``perplexed`` by reports that it was in talks with U.S.-based AT&T Corp. Telstra would probably also seek an initial public share sale of the Internet Protocol Backbone Co. venture with Hong Kong`s CyberWorks within the next nine months, he said, adding the IPO would probably be valued at about $6 billion.
Telstra, Australia`s No. 1 telecommunications company, said earlier this month it would pay $1.68 billion to CyberWorks to take a 60 percent stake in the Asian mobile phone venture.
(Nine Network, Business Sunday, Oct. 22.)
Telstra chief puzzled by talk of US partner
Agence France-Presse
SYDNEY: Telstra chief executive Ziggy Switkowski said he was puzzled by reports the Australian telecom giant and its Asian partner Pacific Century CyberWorks (0008) (PCCW) were close to announcing a new partnership with a United States company.
PCCW and Telstra were at an advanced stage of discussions with a third global partner about a US$10 billion (HK$78 billion) infrastructure venture, according to PCCW reports last week.
Speculation had centred on the addition of AT&T into an Internet protocol (IP) backbone company of the 50/50 Telstra-PCCW alliance.
But Mr Switkowski professed to be ``perplexed`` by reports PCCW boss Richard Li Tzar-kai said one major telecom was talking to both companies, and an announcement was imminent.
Telstra, Australia`s dominant communications company, had attracted interest from quite a few global telecoms firms wanting to do business in the region, he said.
Ten days ago Telstra and PCCW announced a revamped alliance, including the IP backbone company, a regional mobile joint venture and an Internet data centre company. Telstra will pay PCCW US$1.68 billion for a 60 per cent controlling stake in the mobile company, compared with US$1.5 billion for a 40 per cent stake in the original deal.
Telstra also secured a reduction from US$1.5 billion to US$750 million in the amount of cash it is putting into PCCW in the form of a bond convertible to the Hong Kong company`s shares.
Mr Switkowski said the IP backbone company would be floated ``some time in the next nine months or thereabouts, subject to market conditions``.
``We`ve talked about a regional wireless company where the northern anchor tenant is Hong Kong Tel Wireless and in the south is Telstra`s MobileNet properties, and that we`ll kind of fill in the dots over the next year or so,`` he said.
Mr Switkowski indicated Telstra could use equity from its existing businesses to secure deals rather than raise new funds.
``We have quite a lot of flexibility. We can use equity. We`ve got the capacity on the wireless company balance sheet to fund direct cash investments, and we`re not actually foreseeing that the shareholders are going to make substantial cash investments.``
23 October 2000 / 12:46 AM
Agence France-Presse
SYDNEY: Telstra chief executive Ziggy Switkowski said he was puzzled by reports the Australian telecom giant and its Asian partner Pacific Century CyberWorks (0008) (PCCW) were close to announcing a new partnership with a United States company.
PCCW and Telstra were at an advanced stage of discussions with a third global partner about a US$10 billion (HK$78 billion) infrastructure venture, according to PCCW reports last week.
Speculation had centred on the addition of AT&T into an Internet protocol (IP) backbone company of the 50/50 Telstra-PCCW alliance.
But Mr Switkowski professed to be ``perplexed`` by reports PCCW boss Richard Li Tzar-kai said one major telecom was talking to both companies, and an announcement was imminent.
Telstra, Australia`s dominant communications company, had attracted interest from quite a few global telecoms firms wanting to do business in the region, he said.
Ten days ago Telstra and PCCW announced a revamped alliance, including the IP backbone company, a regional mobile joint venture and an Internet data centre company. Telstra will pay PCCW US$1.68 billion for a 60 per cent controlling stake in the mobile company, compared with US$1.5 billion for a 40 per cent stake in the original deal.
Telstra also secured a reduction from US$1.5 billion to US$750 million in the amount of cash it is putting into PCCW in the form of a bond convertible to the Hong Kong company`s shares.
Mr Switkowski said the IP backbone company would be floated ``some time in the next nine months or thereabouts, subject to market conditions``.
``We`ve talked about a regional wireless company where the northern anchor tenant is Hong Kong Tel Wireless and in the south is Telstra`s MobileNet properties, and that we`ll kind of fill in the dots over the next year or so,`` he said.
Mr Switkowski indicated Telstra could use equity from its existing businesses to secure deals rather than raise new funds.
``We have quite a lot of flexibility. We can use equity. We`ve got the capacity on the wireless company balance sheet to fund direct cash investments, and we`re not actually foreseeing that the shareholders are going to make substantial cash investments.``
23 October 2000 / 12:46 AM
Singapore
19/10 12:25 PM : PCRD — Selling pressure on PCCW should subside soon
PCCW (-0.35, 6.00) was been hammered heavily over the past week. The announcement of the deal with Telstra did not seem to help in reversing the negative sentiment on the stock. We reckon that main concerns remain:
a) Falling tech valuations and the impact that this would have on PCCW`s telecoms and Internet business.
b) The ability to finance its heavy debt burden.
c) The overhang of C&W`s remaining 15% stake in the company.
We believe that downside for the stock is limited from hereon, baring any major shocks in the global system. With the huge correction, the stock is now trading at 30x and 25x FY00 and FY01 earnings respectively, which means that most of the Internet froth that was being priced in earlier on has now dissipated. The fact that the stock is now trading below its base value of HK$7.68 per share (which ascribes zero value to its Internet businesses) further reiterates our point.
Concern (b) is a bit overdone. Do bear in mind that the HKT assets now under its fold are generating a healthy stream of cashflow, which should enable it to service its debt obligations rather comfortably. Concern (c) is valid, but we are inclined to take a less negative view. We believe that there would be strategic investors willing to take on C&W`s stake. PCCW would be an attractive partner for a US or European telco looking to gain a foothold in Asia. This would help to address the "share overhang problem" and bode well for PCCW`s global ambitions.
PCRD (-0.07, 1.32) has been hammered down in similar fashion, so much so that it is now trading at a massive 43% to its base value of 2.30. We believe that the selling pressure on PCCW should subside soon (for reasons mentioned earlier), thereby paving the way for PCRD to trade back towards its base valuation. Investors with long term investment horizons and holding power should consider picking up some PCRD shares at current levels.
(by han)
19/10 12:25 PM : PCRD — Selling pressure on PCCW should subside soon
PCCW (-0.35, 6.00) was been hammered heavily over the past week. The announcement of the deal with Telstra did not seem to help in reversing the negative sentiment on the stock. We reckon that main concerns remain:
a) Falling tech valuations and the impact that this would have on PCCW`s telecoms and Internet business.
b) The ability to finance its heavy debt burden.
c) The overhang of C&W`s remaining 15% stake in the company.
We believe that downside for the stock is limited from hereon, baring any major shocks in the global system. With the huge correction, the stock is now trading at 30x and 25x FY00 and FY01 earnings respectively, which means that most of the Internet froth that was being priced in earlier on has now dissipated. The fact that the stock is now trading below its base value of HK$7.68 per share (which ascribes zero value to its Internet businesses) further reiterates our point.
Concern (b) is a bit overdone. Do bear in mind that the HKT assets now under its fold are generating a healthy stream of cashflow, which should enable it to service its debt obligations rather comfortably. Concern (c) is valid, but we are inclined to take a less negative view. We believe that there would be strategic investors willing to take on C&W`s stake. PCCW would be an attractive partner for a US or European telco looking to gain a foothold in Asia. This would help to address the "share overhang problem" and bode well for PCCW`s global ambitions.
PCRD (-0.07, 1.32) has been hammered down in similar fashion, so much so that it is now trading at a massive 43% to its base value of 2.30. We believe that the selling pressure on PCCW should subside soon (for reasons mentioned earlier), thereby paving the way for PCRD to trade back towards its base valuation. Investors with long term investment horizons and holding power should consider picking up some PCRD shares at current levels.
(by han)
Trading Spotlight
Alliance `insulated` from PCCW issues
By Christine Lacy
The chief executive of Telstra Corp, Dr Ziggy Switkowski, believes the Australian carrier`s $US1.81 billion ($3.4 billion) Asian alliance with Pacific Century CyberWorks is "relatively well insulated" from attempts to refinance PCCW`s balance sheet.
In his first public outing since the terms of the repriced alliance were revealed more than a week ago, Dr Switkowski said yesterday that the deal would be "stitched up by the end of the year".
He said PCCW`s attempts to refinance up to $US9 billion of debt were "somewhat removed" from the Telstra alliance, despite the two-pronged deal being conditional on the refinancing taking place.
"The challenges that the PCCW parent currently has are somewhat removed from that and, you know, they`re being managed by the PCCW executive," he told the Nine Network`s Business Sunday.
"If PCCW`s group financing runs into unforeseen complications, then it could have an impact upon this arrangement."
But Dr Switkowski said the alliance was a "coalition of interests between Telstra and [PCCW subsidiary] Hong Kong Telecom" and therefore "relatively well insulated from the larger balance-sheet issue of ... PCCW".
Dr Switkowski said he was perplexed by reports that PCCW was in advanced negotiations with a third international carrier to play a role in the pair`s 50-50 telecommunications infrastructure joint venture.
"Yeah, I`m perplexed by that. That report I read in the context of the internet protocol backbone company, and I think it referenced AT&T. As I say, that puzzles me," Dr Switkowski said.
This was despite two formal confirmations last week from the Hong Kong-based PCCW that it was in talks as its share price continued to plummet.
Dr Switkowski said it was possible PCCW could "dilute down" its 40 per cent stake in their $US2.8 billion mobile joint venture, which was 60 per cent owned by Telstra, "as part of their refinancing, or some other strategic reason".
"We`ve known all through these negotiations that PCCW will want to retain some flexibility about how much equity they retain in these joint ventures," he said.
"We`ve got sufficient protections and pre-emptive rights and the right to be consulted on such moves as ... to make us comfortable in whichever way PCCW decides to go."
Dr Switkowski said the infrastructure joint venture would be taken to market within nine months, subject to market conditions, and that a float of the wireless company would follow in calendar 2001.
By Christine Lacy
The chief executive of Telstra Corp, Dr Ziggy Switkowski, believes the Australian carrier`s $US1.81 billion ($3.4 billion) Asian alliance with Pacific Century CyberWorks is "relatively well insulated" from attempts to refinance PCCW`s balance sheet.
In his first public outing since the terms of the repriced alliance were revealed more than a week ago, Dr Switkowski said yesterday that the deal would be "stitched up by the end of the year".
He said PCCW`s attempts to refinance up to $US9 billion of debt were "somewhat removed" from the Telstra alliance, despite the two-pronged deal being conditional on the refinancing taking place.
"The challenges that the PCCW parent currently has are somewhat removed from that and, you know, they`re being managed by the PCCW executive," he told the Nine Network`s Business Sunday.
"If PCCW`s group financing runs into unforeseen complications, then it could have an impact upon this arrangement."
But Dr Switkowski said the alliance was a "coalition of interests between Telstra and [PCCW subsidiary] Hong Kong Telecom" and therefore "relatively well insulated from the larger balance-sheet issue of ... PCCW".
Dr Switkowski said he was perplexed by reports that PCCW was in advanced negotiations with a third international carrier to play a role in the pair`s 50-50 telecommunications infrastructure joint venture.
"Yeah, I`m perplexed by that. That report I read in the context of the internet protocol backbone company, and I think it referenced AT&T. As I say, that puzzles me," Dr Switkowski said.
This was despite two formal confirmations last week from the Hong Kong-based PCCW that it was in talks as its share price continued to plummet.
Dr Switkowski said it was possible PCCW could "dilute down" its 40 per cent stake in their $US2.8 billion mobile joint venture, which was 60 per cent owned by Telstra, "as part of their refinancing, or some other strategic reason".
"We`ve known all through these negotiations that PCCW will want to retain some flexibility about how much equity they retain in these joint ventures," he said.
"We`ve got sufficient protections and pre-emptive rights and the right to be consulted on such moves as ... to make us comfortable in whichever way PCCW decides to go."
Dr Switkowski said the infrastructure joint venture would be taken to market within nine months, subject to market conditions, and that a float of the wireless company would follow in calendar 2001.
PCCW vom Handel ausgesetzt.
PCCW ist heute morgen in Hongkong vom Handel ausgesetzt worden. Das Internetunternehmen will ein Statement über einen geplanten Aktienverkauf an die Aktionäre und die Ausgabe von Wandelanleihen einer Tochterunternehmung abgeben, bevor das Papier wieder zum Handel zugelassen wird.
Heute trifft sich der Aufsichtsreich der Internetunternehmung und bespricht mehrere Pläne, um die Kapitalstruktur zu verbessern. Wann PCCW das erwartete Statement abgeben wird ist nicht bekannt.
-js- 23.10.00 08:13:00
PCCW ist heute morgen in Hongkong vom Handel ausgesetzt worden. Das Internetunternehmen will ein Statement über einen geplanten Aktienverkauf an die Aktionäre und die Ausgabe von Wandelanleihen einer Tochterunternehmung abgeben, bevor das Papier wieder zum Handel zugelassen wird.
Heute trifft sich der Aufsichtsreich der Internetunternehmung und bespricht mehrere Pläne, um die Kapitalstruktur zu verbessern. Wann PCCW das erwartete Statement abgeben wird ist nicht bekannt.
-js- 23.10.00 08:13:00
Telstra und PCCW wollen IPO von Backbone-JV
Switkowski, der CEO der Telstra Corp., dem größten Telekommunikationskonzern Australiens, sagte gegenüber einem Magazin, dass man bereits Mitte des nächsten Jahres einen Teil seiner Joint Ventures mit PCCW an die Börse bringen will. Das 50/50-IP-Backbone Joint Venture dürfte in den nächsten neun Monaten als erstes an die Börse kommen. Das Venture hat einen Jahresumsatz von etwa 2 Mill US-$ und einen Gewinn (EBITDA) von 500 Mill US-$.
Über Listingpläne und einen Termin für das IPO des Mobilfunk-Joint Ventures sagte er nichts.
-js- 23.10.00 09:06:00
Switkowski, der CEO der Telstra Corp., dem größten Telekommunikationskonzern Australiens, sagte gegenüber einem Magazin, dass man bereits Mitte des nächsten Jahres einen Teil seiner Joint Ventures mit PCCW an die Börse bringen will. Das 50/50-IP-Backbone Joint Venture dürfte in den nächsten neun Monaten als erstes an die Börse kommen. Das Venture hat einen Jahresumsatz von etwa 2 Mill US-$ und einen Gewinn (EBITDA) von 500 Mill US-$.
Über Listingpläne und einen Termin für das IPO des Mobilfunk-Joint Ventures sagte er nichts.
-js- 23.10.00 09:06:00
13:45 23-OCT-2000
More rumours on PCCW, Hang Seng almost unchanged
The Hong Kong market today came under the influence of a number of factors.
The external factors included the Middle East turmoil and the rising US market, while the internal ones included rumours about PCCW planning to raise funds through a placing.
The combined influences forced the futures to go downward by 200 pts to 14,865 initially, but the tide soon turned and it went back up to 15,135, closing at 15,040 at midday, down a slight 4.6 pts.
Turnover had shrunk to $3.42 billion.
PCCW is said to be planning to make an "open offer" to its shareholders.
However, market analysts said it is doubtful that there will be many takers unless the rights issue or placing is at a big discount.
The heavy fundraising is expected to have an impact on PCCW`s share price.
The issue of convertible bonds is said to be related to its Internet core or NOW service, but details are still less than clear at the moment.
(End)
More rumours on PCCW, Hang Seng almost unchanged
The Hong Kong market today came under the influence of a number of factors.
The external factors included the Middle East turmoil and the rising US market, while the internal ones included rumours about PCCW planning to raise funds through a placing.
The combined influences forced the futures to go downward by 200 pts to 14,865 initially, but the tide soon turned and it went back up to 15,135, closing at 15,040 at midday, down a slight 4.6 pts.
Turnover had shrunk to $3.42 billion.
PCCW is said to be planning to make an "open offer" to its shareholders.
However, market analysts said it is doubtful that there will be many takers unless the rights issue or placing is at a big discount.
The heavy fundraising is expected to have an impact on PCCW`s share price.
The issue of convertible bonds is said to be related to its Internet core or NOW service, but details are still less than clear at the moment.
(End)
15:28 23-OCT-2000
PCCW visited by BNP`s Francis Leung
BNP Prime Peregrine deputy chairman, "Red Chips" Francis Leung was seen at PCCW`s headquarters at Taikoo Place, but he refused to respond to questions on PCCW`s fundraising.
Other senior directors leaving the office were also tightlipped about the rumours.
(End)
PCCW visited by BNP`s Francis Leung
BNP Prime Peregrine deputy chairman, "Red Chips" Francis Leung was seen at PCCW`s headquarters at Taikoo Place, but he refused to respond to questions on PCCW`s fundraising.
Other senior directors leaving the office were also tightlipped about the rumours.
(End)
15:57 23-OCT-2000
BNP`s Francis Leung: PCCW may make announcement today
BNP Prime Peregrine vice-president Francis Leung told the media to wait for a possible evening announcement by PCCW, which wants to resume trading on the stock exchange tomorrow.
Mr Leung, who had attended a meeting with PCCW`s management, made no further comments as he left the PCCW headquarters in Quarry Bay.
(End)
BNP`s Francis Leung: PCCW may make announcement today
BNP Prime Peregrine vice-president Francis Leung told the media to wait for a possible evening announcement by PCCW, which wants to resume trading on the stock exchange tomorrow.
Mr Leung, who had attended a meeting with PCCW`s management, made no further comments as he left the PCCW headquarters in Quarry Bay.
(End)
Spekulationen zur Aussetzung von PCCW
Nach der Aussetzung von PCCW und PCRD gehen mam Markt mehrere Gerüchte herum. Als dann noch der Chairman von BNP, Leung, in der Nähe des Hauptquartieres von PCCW gesichtet wurde, schossen noch weitere Spekulationen ins Kraut. Leung sagte nur, dass PCCW noch heute eine Mitteilung heraus gibt. Mehr war von ihm nicht zu erfahren.
Eine Vermutung ist, dass der Singaporer Mutterkonzern PCRD aufgrund des niedrigen Preises seinen Anteil erhöhen möchte. Auch von einem Aktienrückkauf von PCCW ist die Rede. Andere Spekulationen gehen dahin, dass PCCW neue Aktien im Wert von 500 Mill US-$ ausgeben wird.
Mit der "Ausgabe von Wandelanleihen einer Tochterunternehmung" könnte nach Meinung von Marktteilnehmern der Breitband-Service NOW gemeint sein. Aber dies sind bisher alles nur Spekulationen, die nicht bestätigt wurden.
-js- 23.10.00 10:08:00
Nach der Aussetzung von PCCW und PCRD gehen mam Markt mehrere Gerüchte herum. Als dann noch der Chairman von BNP, Leung, in der Nähe des Hauptquartieres von PCCW gesichtet wurde, schossen noch weitere Spekulationen ins Kraut. Leung sagte nur, dass PCCW noch heute eine Mitteilung heraus gibt. Mehr war von ihm nicht zu erfahren.
Eine Vermutung ist, dass der Singaporer Mutterkonzern PCRD aufgrund des niedrigen Preises seinen Anteil erhöhen möchte. Auch von einem Aktienrückkauf von PCCW ist die Rede. Andere Spekulationen gehen dahin, dass PCCW neue Aktien im Wert von 500 Mill US-$ ausgeben wird.
Mit der "Ausgabe von Wandelanleihen einer Tochterunternehmung" könnte nach Meinung von Marktteilnehmern der Breitband-Service NOW gemeint sein. Aber dies sind bisher alles nur Spekulationen, die nicht bestätigt wurden.
-js- 23.10.00 10:08:00
Das sieht nicht gut aus. Bei der Ausgabe neuer Aktien würde der Kurs noch weiter fallen!
meint ihr wirklich jetzt wo der Kurs sich gerademal etwas gefangen hat wird Li NUR die Ausgabe neuer Aktien bekanntgeben.
Das fände ich ja wirklich etwas töricht...aber wer kennt schon die Hk Manieren???
was denkt ihr
simon_M
Das fände ich ja wirklich etwas töricht...aber wer kennt schon die Hk Manieren???
was denkt ihr
simon_M
16:11 23-OCT-2000
PCCW reported raising $30b with rights issue
The rights issue proposed by Pacific Century CyberWorks (PCCW) (0008-HK) is aimed at raising $30 billion.
Based on the 21.2 billion shares to be issued by PCCW, market players expect that if the rights issue was in the proportion of three shares for every 10 existing shares, the rights issue price will be less than $5 per share.
If the proportion is one share for every four existing shares, the rights issue price will be in a range of $5.50-$5.80.
However, the greatest concern was who would underwrite the rights issue shares, given that there are uncertainties if Cable & Wireless plc, China Telecom, CMGI and Hikari Tsushin, subsidiaries PCCW, would accept the proposed rights issue.
It is rumoured that BNP Paribas Peregrine will be the underwriter.
(End)
PCCW reported raising $30b with rights issue
The rights issue proposed by Pacific Century CyberWorks (PCCW) (0008-HK) is aimed at raising $30 billion.
Based on the 21.2 billion shares to be issued by PCCW, market players expect that if the rights issue was in the proportion of three shares for every 10 existing shares, the rights issue price will be less than $5 per share.
If the proportion is one share for every four existing shares, the rights issue price will be in a range of $5.50-$5.80.
However, the greatest concern was who would underwrite the rights issue shares, given that there are uncertainties if Cable & Wireless plc, China Telecom, CMGI and Hikari Tsushin, subsidiaries PCCW, would accept the proposed rights issue.
It is rumoured that BNP Paribas Peregrine will be the underwriter.
(End)
16:13 23-OCT-2000
PCCW reported issuing US$1.2b in convertible bonds
There are market rumours said Richard Li`s PCCW 0008-HK) will issue US$1.2 billion (HK$9.36 billion) convertible bonds on five-year term with a coupon rate between 3 to 3.5 pct, at a premium of 21 pct to 26 pct.
The Li ka-shing family-controlled fund will subscribe US$500 million of the total issue.
(End)
PCCW reported issuing US$1.2b in convertible bonds
There are market rumours said Richard Li`s PCCW 0008-HK) will issue US$1.2 billion (HK$9.36 billion) convertible bonds on five-year term with a coupon rate between 3 to 3.5 pct, at a premium of 21 pct to 26 pct.
The Li ka-shing family-controlled fund will subscribe US$500 million of the total issue.
(End)
ich glaub mir wirds schlecht/immer schön günstig nach gekauft und jetzt das wie lang werden wir woll warten müssen bis die aktie wieder im handel ist?wird der kurs dann noch mehr gebeutelt sein/wen was neuses kommt bitte gleich mal in deutsch übersetzen schon voher danke dafür und toi toi und tschüß
PCCW gibt neue Aktien für 6,50 HK-$ aus
PCCW gibt neue Aktien an seine Aktionäre aus. Das
Unternehmen bietet jedem Aktionär für 1000 gehaltene
Papiere 30 neue für 6,50 HK-$ an. Zusätzlich bekommt jeder
Aktionär, sollte er das Angebot akzeptieren noch zwei
Warrants für jede neue Aktie.
Zudem gibt es Gerüchte, wonach PCCW eine Wandelanleihe
im Wert von 1,2 Mrd US-$ ausgeben wird. Die Bonds werden
eine Laufzeit von 5 Jahren haben und mit einem Coupon von
3 bis 3,5 % ausgestattet sein.
Der Li Ka-Shing-Familien-Fund will davon 500 Mill US-$
zeichnen.
PCCW gibt neue Aktien an seine Aktionäre aus. Das
Unternehmen bietet jedem Aktionär für 1000 gehaltene
Papiere 30 neue für 6,50 HK-$ an. Zusätzlich bekommt jeder
Aktionär, sollte er das Angebot akzeptieren noch zwei
Warrants für jede neue Aktie.
Zudem gibt es Gerüchte, wonach PCCW eine Wandelanleihe
im Wert von 1,2 Mrd US-$ ausgeben wird. Die Bonds werden
eine Laufzeit von 5 Jahren haben und mit einem Coupon von
3 bis 3,5 % ausgestattet sein.
Der Li Ka-Shing-Familien-Fund will davon 500 Mill US-$
zeichnen.
PCCW gibt neue Aktien für 6,50 HK-$ aus
PCCW gibt neue Aktien an seine Aktionäre aus. Das Unternehmen bietet jedem Aktionär für 1000 gehaltene Papiere 30 neue für 6,50 HK-$, dem Schlusskurs vom Freitag, an. Zusätzlich bekommt jeder Aktionär, sollte er das Angebot akzeptieren noch zwei Warrants für jede neue Aktie.
Richard Li, Chairman und Großaktionär von PCCW, wird neue Aktien für 600 Mill HK-$ zeichnen. Insgesamt könnte PCCW bis zu 9 Mrd HK-$ einnehmen. Interessant dürfte sein, wie sich die Großaktionäre C&W, CMGI und Hikari Tsushin verhalten werden
Ich sage nur Prost Mahlzeit und Tiefflug
Aussie
PCCW gibt neue Aktien an seine Aktionäre aus. Das Unternehmen bietet jedem Aktionär für 1000 gehaltene Papiere 30 neue für 6,50 HK-$, dem Schlusskurs vom Freitag, an. Zusätzlich bekommt jeder Aktionär, sollte er das Angebot akzeptieren noch zwei Warrants für jede neue Aktie.
Richard Li, Chairman und Großaktionär von PCCW, wird neue Aktien für 600 Mill HK-$ zeichnen. Insgesamt könnte PCCW bis zu 9 Mrd HK-$ einnehmen. Interessant dürfte sein, wie sich die Großaktionäre C&W, CMGI und Hikari Tsushin verhalten werden
Ich sage nur Prost Mahlzeit und Tiefflug
Aussie
ach ja, fast vergessen:
6.5 Hongkong-Dollar = 0.9914 Euro
aktueller Stand 23.10.00 = 0.98 Euro!
Quelle (PCCW gibt neue Aktien für 6,50 HK-$ aus): asiainternet.de
6.5 Hongkong-Dollar = 0.9914 Euro
aktueller Stand 23.10.00 = 0.98 Euro!
Quelle (PCCW gibt neue Aktien für 6,50 HK-$ aus): asiainternet.de
PCCW gibt neue Aktien für 6,50 HK-$ aus
PCCW gibt neue Aktien an seine Aktionäre aus. Das Unternehmen bietet jedem Aktionär für 1000 gehaltene Papiere 30 neue für 6,50 HK-$, dem Schlusskurs vom Freitag, an. Zusätzlich bekommt jeder Aktionär, sollte er das Angebot akzeptieren noch zwei Warrants mit einem Basispreis von 7,50 HK-$ für jede neue Aktie. Die Transaktion wird von BNP und HSBC durchgeführt werden.
Richard Li, Chairman und Großaktionär von PCCW, wird selbst neue Aktien für 600 Mill HK-$ zeichnen. Interessant dürfte sein, wie sich die Großaktionäre C&W, CMGI und Hikari Tsushin verhalten werden.
Zudem ist aus Bankenkreisen zu erfahren, dass ein PCCW-Tochter Wandelanleihen in Höhe von 1,3 Mrd US-$ ausgibt. Die 5-Jahres-Bonds werden Coupons in Höhe von 3 bis 3,5 % haben.
Bonds in Höhe 500 Mill US-$ will Richard Li selbst selbst kaufen. Bonds in Höhe von 600 Mill US-$ sind für institutionelle Anleger gedacht. Sollte die Nachfrage hoch sein, will man für 200 Mill US-$ weitere Bonds ausgeben (Greenshoe).
PCCW braucht dringend Geld, um seine Schulden in Höhe von 9 Mrd US-$, die durch den Kauf von C&W HK entstanden sind, zu reduzieren. Die Kapitalerhöhung muss noch von den Aktionären abgesegnet werden. Der Großaktionär C&W wollte keinen Kommentare heute abgeben, ob man für die Kapitalerhöhung stimmt.
-js- 23.10.00 11:19:00
PCCW gibt neue Aktien an seine Aktionäre aus. Das Unternehmen bietet jedem Aktionär für 1000 gehaltene Papiere 30 neue für 6,50 HK-$, dem Schlusskurs vom Freitag, an. Zusätzlich bekommt jeder Aktionär, sollte er das Angebot akzeptieren noch zwei Warrants mit einem Basispreis von 7,50 HK-$ für jede neue Aktie. Die Transaktion wird von BNP und HSBC durchgeführt werden.
Richard Li, Chairman und Großaktionär von PCCW, wird selbst neue Aktien für 600 Mill HK-$ zeichnen. Interessant dürfte sein, wie sich die Großaktionäre C&W, CMGI und Hikari Tsushin verhalten werden.
Zudem ist aus Bankenkreisen zu erfahren, dass ein PCCW-Tochter Wandelanleihen in Höhe von 1,3 Mrd US-$ ausgibt. Die 5-Jahres-Bonds werden Coupons in Höhe von 3 bis 3,5 % haben.
Bonds in Höhe 500 Mill US-$ will Richard Li selbst selbst kaufen. Bonds in Höhe von 600 Mill US-$ sind für institutionelle Anleger gedacht. Sollte die Nachfrage hoch sein, will man für 200 Mill US-$ weitere Bonds ausgeben (Greenshoe).
PCCW braucht dringend Geld, um seine Schulden in Höhe von 9 Mrd US-$, die durch den Kauf von C&W HK entstanden sind, zu reduzieren. Die Kapitalerhöhung muss noch von den Aktionären abgesegnet werden. Der Großaktionär C&W wollte keinen Kommentare heute abgeben, ob man für die Kapitalerhöhung stimmt.
-js- 23.10.00 11:19:00
18:54 23-OCT-2000
PCCW to resume trade as fundraising clarified
PCCW is to issue US$1.1 billion (HK$8.58 billion) in convertible bonds with a possible addition of US$200 million issue subject to underwriter`s request.
Chairman Richard Li will subscribe for US$500 million from the lot.
Pacific Century Regional Development is to underwrite the issue which is at a proportion of three for every 100 shares at $6.50 each.
Two bonus warrants for one issued share subscribed with as trike price at $7.50.
A number of projects such as the Cyberport, its IP backbone JV with Telstra and maturing bonds mean heavy interest expenditures have put pressure on the company.
However, a possbile exercise of the warrants may help it raise a further sum of $9.5 billion.
PCCW has always denied any rights issues and analysts believe, after this fund raising decision, when trade possibly resumes tomorrow, its stock will remain neutral with a positive implication.
The company could take out the big question mark about its fundraising direction.
The chairman`s direct involvement and no discount at the issue are some positive points.
However, the move is expected to deter some smaller investors who had bought shares earlier.
(End)
PCCW to resume trade as fundraising clarified
PCCW is to issue US$1.1 billion (HK$8.58 billion) in convertible bonds with a possible addition of US$200 million issue subject to underwriter`s request.
Chairman Richard Li will subscribe for US$500 million from the lot.
Pacific Century Regional Development is to underwrite the issue which is at a proportion of three for every 100 shares at $6.50 each.
Two bonus warrants for one issued share subscribed with as trike price at $7.50.
A number of projects such as the Cyberport, its IP backbone JV with Telstra and maturing bonds mean heavy interest expenditures have put pressure on the company.
However, a possbile exercise of the warrants may help it raise a further sum of $9.5 billion.
PCCW has always denied any rights issues and analysts believe, after this fund raising decision, when trade possibly resumes tomorrow, its stock will remain neutral with a positive implication.
The company could take out the big question mark about its fundraising direction.
The chairman`s direct involvement and no discount at the issue are some positive points.
However, the move is expected to deter some smaller investors who had bought shares earlier.
(End)
18:57 23-OCT-2000
Li Ka-shing denies subscribing to PCCW`s latest bond issue
A spokesman at Cheung Kong (Holdings) (0001-HK) informed CN-Markets that the group`s chairman Li Ka-shing has not subscribed to PCCW`s convertible bond issue as reported earlier.
Media reports had earlier indicated that he was buying US$500 million (HK$3.9 billion) of the US$1.1 billion bond to be issued.
(End)
Li Ka-shing denies subscribing to PCCW`s latest bond issue
A spokesman at Cheung Kong (Holdings) (0001-HK) informed CN-Markets that the group`s chairman Li Ka-shing has not subscribed to PCCW`s convertible bond issue as reported earlier.
Media reports had earlier indicated that he was buying US$500 million (HK$3.9 billion) of the US$1.1 billion bond to be issued.
(End)
pccw gibt also ne anleihe und aktien aus...!
oder wie?
ein offizielles statement wurde noch nicht gemacht oder?
oder wie?
ein offizielles statement wurde noch nicht gemacht oder?
10/23/00 - Suspension Of Trading
At the request of Pacific Century CyberWorks Limited (the "Company"),
trading in its shares will be suspended with effect from 10:00 a.m. today
(23/10/2000) pending the release of an announcement in connection with a
proposed open offer of shares in the Company to its shareholders and the
issuance of convertible bonds in a wholly-owned subsidiary of the Company.
Accordingly, the following derivative warrants will also be suspended at
10:00 a.m. today:-
Stock Code Stock Short Name
---------- ----------------
1890 BC-PCCWL@EC0011
1892 RF-PCCWL*EC0011
1894 DB-PCCWL*EC0011
1960 SG-PCCWL@EP0011
1970 SG-PCCWL@EC0011
1972 KCPCCWL@EC0012A
1973 MB-PCCWL@EC0012
1989 KCPCCWL@EC0012B
2022 MBPCCWL@EC0102A
2039 SG-PCCWL@EC0103
2040 KC-PCCWL@EC0102
2041 MBPCCWL@EC0102B
2042 CL-PCCWL@EC0102
2045 CSPCCWL@EC0103A
2051 CL-PCCWL@EC0103
2057 KC-PCCWL@EC0103
2062 CSPCCWL@EC0103B
2079 CS-PCCWL@EP0104
2081 MBPCCWL@EC0104A
2084 KC-PCCWL@EC0104
2092 MBPCCWL@EC0104B
2100 MBPCCWL@EC0105A
2105 CL-PCCWL@EC0104
2107 KC-PCCWL@EP0105
2108 LB-PCCWL@EC0105
2112 SG-PCCWL@EC0105
2115 SG-PCCWL@EP0105
2125 MBPCCWL@EC0105B
At the request of Pacific Century CyberWorks Limited (the "Company"),
trading in its shares will be suspended with effect from 10:00 a.m. today
(23/10/2000) pending the release of an announcement in connection with a
proposed open offer of shares in the Company to its shareholders and the
issuance of convertible bonds in a wholly-owned subsidiary of the Company.
Accordingly, the following derivative warrants will also be suspended at
10:00 a.m. today:-
Stock Code Stock Short Name
---------- ----------------
1890 BC-PCCWL@EC0011
1892 RF-PCCWL*EC0011
1894 DB-PCCWL*EC0011
1960 SG-PCCWL@EP0011
1970 SG-PCCWL@EC0011
1972 KCPCCWL@EC0012A
1973 MB-PCCWL@EC0012
1989 KCPCCWL@EC0012B
2022 MBPCCWL@EC0102A
2039 SG-PCCWL@EC0103
2040 KC-PCCWL@EC0102
2041 MBPCCWL@EC0102B
2042 CL-PCCWL@EC0102
2045 CSPCCWL@EC0103A
2051 CL-PCCWL@EC0103
2057 KC-PCCWL@EC0103
2062 CSPCCWL@EC0103B
2079 CS-PCCWL@EP0104
2081 MBPCCWL@EC0104A
2084 KC-PCCWL@EC0104
2092 MBPCCWL@EC0104B
2100 MBPCCWL@EC0105A
2105 CL-PCCWL@EC0104
2107 KC-PCCWL@EP0105
2108 LB-PCCWL@EC0105
2112 SG-PCCWL@EC0105
2115 SG-PCCWL@EP0105
2125 MBPCCWL@EC0105B
mir wird ganz anders wenn ich das so auf mich wirken lasse !!
"mir schwant das mein bauch doch nicht so danebenliegt"
Wenn einer mit aller gewalt kohle für seine gigablase sucht,
und wandelanleihen rauslassen muss .....
ohhhhhhhhh das sieht schlecht aus
habe sowas mit turbodyne
schon miterlebt !!
aber habe bis jetzt eh schon -54% da werdens halt morgen 65
und dann lohnt es sich nicht mehr zu verkaufen .
"mir schwant das mein bauch doch nicht so danebenliegt"
Wenn einer mit aller gewalt kohle für seine gigablase sucht,
und wandelanleihen rauslassen muss .....
ohhhhhhhhh das sieht schlecht aus
habe sowas mit turbodyne
schon miterlebt !!
aber habe bis jetzt eh schon -54% da werdens halt morgen 65
und dann lohnt es sich nicht mehr zu verkaufen .
@Kersken
Respekt und Dank! Deine Infos sind top aktuell, übersichtlich und ersparen mir (und anderen) ne Menge Zeit.
Mich würde mal interessieren wie du die aktuelle Situation beurteilst.
Gruss
montagoe
Respekt und Dank! Deine Infos sind top aktuell, übersichtlich und ersparen mir (und anderen) ne Menge Zeit.
Mich würde mal interessieren wie du die aktuelle Situation beurteilst.
Gruss
montagoe
mir ist auch ein weng flau im magen 
und überblicke das treiben von li überhaupt nicht mehr. Für ein KE ist es doch der ungünstigste Augenblick. Und welchen Anreiz hat ein Anleger für über Börsenwert bzw zur Zeit ja noch beim gleichen Börsenwert Aktien nachzukaufen...
Hat da jemand einen besseren Überblick was da gerade abgeht ??
und überblicke das treiben von li überhaupt nicht mehr. Für ein KE ist es doch der ungünstigste Augenblick. Und welchen Anreiz hat ein Anleger für über Börsenwert bzw zur Zeit ja noch beim gleichen Börsenwert Aktien nachzukaufen...Hat da jemand einen besseren Überblick was da gerade abgeht ??
also ich sehe die Sache gar nicht so negativ-
Analysten sehen die heutige MAßnahme ebenfalls nicht negativ-siehe asiainternet
außerdem muß man (wenn ich die Meldung richtig verstanden habe) die zugleich ausgegebenen Warrents für jede neue Zeichnung wohl als kleine Zugabe sehen- für jede neue Aktie 2 WArrents mit Basis 7,5 HK$-
wenn das Gratisoptionen sind-wies wohl aussieht ist das für uns Aktionäre wohl gar nicht so übel-
und demnächst gibts bestimmt wieder gute news-
also ich will jedenfalls noch PCC´s haben-
die langfristigen Aussichten sehe ich immer noch als gut an- GEGEN die Meinung so mancher Analysten- aber was die die letzten Monate nicht schon alles zum Besten gegeben haben....
simon_M
Analysten sehen die heutige MAßnahme ebenfalls nicht negativ-siehe asiainternet
außerdem muß man (wenn ich die Meldung richtig verstanden habe) die zugleich ausgegebenen Warrents für jede neue Zeichnung wohl als kleine Zugabe sehen- für jede neue Aktie 2 WArrents mit Basis 7,5 HK$-
wenn das Gratisoptionen sind-wies wohl aussieht ist das für uns Aktionäre wohl gar nicht so übel-
und demnächst gibts bestimmt wieder gute news-
also ich will jedenfalls noch PCC´s haben-
die langfristigen Aussichten sehe ich immer noch als gut an- GEGEN die Meinung so mancher Analysten- aber was die die letzten Monate nicht schon alles zum Besten gegeben haben....
simon_M
Fragt nicht, was PCCW für Euch tun kann, sondern was Ihr für PCCW tun könnt !!! So kommt mir das langsam vor...
Mir ist die Sache auch nicht ganz koscher, aber nachdem sich bei Lang & Schwarz nichts am Kurs getan hat, bin ich etqwas ruhiger. Obwohl das natürlich kein allzu zuverlässiger Indikator ist.
Augen zu und durch !
mcsteve
Mir ist die Sache auch nicht ganz koscher, aber nachdem sich bei Lang & Schwarz nichts am Kurs getan hat, bin ich etqwas ruhiger. Obwohl das natürlich kein allzu zuverlässiger Indikator ist.
Augen zu und durch !
mcsteve
Sieht irgendwie verdächtig danach aus, daß die Kasse leer ist, schön für die Noch-Aktionäre,
der Versuch an Geld zu kommen und die letztlich zurückliegenden Transaktionen mit irgendwelchen
Mauscheleien zwecks Papieraustausch mit wem auch immer, lassen nix gutes vermuten,
ich glaub da läuft was schief mit dem Venture-Capital !!! ist mir irgendwie zu undurchsichtig, was die machen:
VORSICHT !!!
der Versuch an Geld zu kommen und die letztlich zurückliegenden Transaktionen mit irgendwelchen
Mauscheleien zwecks Papieraustausch mit wem auch immer, lassen nix gutes vermuten,
ich glaub da läuft was schief mit dem Venture-Capital !!! ist mir irgendwie zu undurchsichtig, was die machen:
VORSICHT !!!
Was nutzen Gratisoptionen, wenn das Ding nach hinten los geht und genau danach sieht es aus, Der Li, als Herausgeber dieser Gratis call Optionen mit ner Basis von 7,50 kassiert als Stillhalter bei fallenden Kursen und löhnt bei steigenden Kursen von PCCW !!
Wer weiß wann PCCW wieder in D gehandelt wird, schätze dann gleich mal mit nem saftigen Abschlag, 60 Cent- ich richte mich aufs schlimmste ein ! PCCW ist im Arsch, durch die Blume ist das hier überall zu lesen und der Kursverlauf der Vergangenheit bestätigt das !
F.
Wer weiß wann PCCW wieder in D gehandelt wird, schätze dann gleich mal mit nem saftigen Abschlag, 60 Cent- ich richte mich aufs schlimmste ein ! PCCW ist im Arsch, durch die Blume ist das hier überall zu lesen und der Kursverlauf der Vergangenheit bestätigt das !
F.
11:15 24-OCT-2000
PCCW (0008-HK) convertible bonds fully subscribed
Pacific Century CyberWorks Ltd (PCCW)`s US$600 million (HK$4.68 billion) five-year convertible bond issue to professional investors has been fully-subscribed, a source close to the underwriters said.
Late on Monday, PCCW revealed plans to issue US$1.1 billion worth of convertible bonds, of which US$500 million would be placed with PCCW chairman Richard Li.
The remaining US$600 million worth of convertible bonds would be subscribed by institutional investors.
The bonds are due in five years and carry an interest rate of 3-3.5 pct.
(End)
PCCW (0008-HK) convertible bonds fully subscribed
Pacific Century CyberWorks Ltd (PCCW)`s US$600 million (HK$4.68 billion) five-year convertible bond issue to professional investors has been fully-subscribed, a source close to the underwriters said.
Late on Monday, PCCW revealed plans to issue US$1.1 billion worth of convertible bonds, of which US$500 million would be placed with PCCW chairman Richard Li.
The remaining US$600 million worth of convertible bonds would be subscribed by institutional investors.
The bonds are due in five years and carry an interest rate of 3-3.5 pct.
(End)
C&W Fears Over HK Fundraising
Electronic Telegraph - 10/24/00 12:37:41 AM
By Dan Sabbagh
Cable & Wireless shares dipped 2pc yesterday as the market worried about the impact of a $1.6 billion fundraising exercise announced yesterday by Hong Kong`s Pacific Century Cyber Works.
The companies are connected because C&W owns 15.3pc of PCCW, worth £1.85 billion. C&W got the shares as part payment for Hong Kong Telecom, sold to PCCW in February. PCCW said it would issue a $1.1 billion convertible bond and hold a $532m 3-for-100 placing, to reduce its $5.45 billion debt pile. Just under half - $500m - of the bond issue will be taken up PCCW`s chairman Richard Li.
C&W downplayed expectations that it would take up its entitlement under the cash call. The company would only say that it would "take a decision when required". However, it does not regard itself as a long-term holder of PCCW`s stock. C&W is expected to sell its holding after lock-up agreements expire in February and August.
In a separate move C&W announced a tie-up with internet security group Baltimore Technologies, to deliver secure e-commerce services to businesses. Baltimore hopes to earn $1 billion from the partnership.
Electronic Telegraph - 10/24/00 12:37:41 AM
By Dan Sabbagh
Cable & Wireless shares dipped 2pc yesterday as the market worried about the impact of a $1.6 billion fundraising exercise announced yesterday by Hong Kong`s Pacific Century Cyber Works.
The companies are connected because C&W owns 15.3pc of PCCW, worth £1.85 billion. C&W got the shares as part payment for Hong Kong Telecom, sold to PCCW in February. PCCW said it would issue a $1.1 billion convertible bond and hold a $532m 3-for-100 placing, to reduce its $5.45 billion debt pile. Just under half - $500m - of the bond issue will be taken up PCCW`s chairman Richard Li.
C&W downplayed expectations that it would take up its entitlement under the cash call. The company would only say that it would "take a decision when required". However, it does not regard itself as a long-term holder of PCCW`s stock. C&W is expected to sell its holding after lock-up agreements expire in February and August.
In a separate move C&W announced a tie-up with internet security group Baltimore Technologies, to deliver secure e-commerce services to businesses. Baltimore hopes to earn $1 billion from the partnership.
Top Financial News
10/24 00:40
CyberWorks Shares Fall; Fund Raising Highlights Debt (Update2)
By Cathy Chan
Hong Kong, Oct. 24 (Bloomberg) -- Pacific Century CyberWorks Ltd.`s shares fell as much as 7.7 percent on concern a plan to raise as much as $1.8 billion selling stock and bonds will reduce investors` share of earnings and suggests bankers are anxious about its finances.
The decline was limited, though, because CyberWorks Chairman Richard Li, the son of Hong Kong billionaire Li Ka-shing, plans to buy $500 million of the bonds and companies that he controls will underwrite the $500 million share sale. Li may end up with much of the new stock, which isn`t being sold at a discount.
The Internet company, whose shares tumbled more than 75 percent since a mid-February peak, needs to refinance some of the $9 billion debt it raised in August to buy Cable & Wireless HKT Ltd., which comes due in February. Because the convertible bonds will be sold by a unit of CyberWorks, the debt won`t appear on the parent`s balance sheet, allowing it to qualify for more bank loans.
``This just shows their anxiety to cut debt,`` said Ambrose Chang, chief investment officer at Daiwa International Capital Management (H.K.) Ltd., which holds about 1 percent of CyberWorks. Still, he added, the transaction ``may help set a floor price on the stock.``
CyberWorks stock fell as much as 50 HK cents to HK$6.00 and closed the morning trading session at HK$6.20, a 4.6 percent decline. The stock was the most active by value with HK$1.3 billion ($168 million). Pacific Century Regional Developments Ltd., a Richard Li company that owns 32 percent of CyberWorks, fell 4.8 percent to S$1.38 in Singapore.
Debts
CyberWorks` plan will reduce its debt to about $4 billion, the company said. Investors and analysts, however, said that the company was only putting off solving its debt problems.
``The impact of debt reduction is marginal,`` said Ronald Chan, head of Asian Internet research of Dresdner Kleinwort Benson. ``They are delaying the problem. They still have to resolve the refinancing problem in the longer term.``
The $1.3 billion in convertible bonds will be sold at a conversion premium of between 21 percent and 26 percent by an as- yet-unnamed CyberWorks unit. Li will buy $500 million while institutional investors will be offered $600 million and the company may sell an extra $200 million if demand is high
CyberWorks will also offer about 600 million new shares to shareholders by offering investors three shares for each 100 they now own at $6.50 each, the price at which the stock closed Friday, bankers said. BNP Paribas Peregrine Securities Ltd. and HSBC Holdings Plc are arranging the bond sale.
Richard Li, who now owns 3.9 percent of CyberWorks through its private parent, Pacific Century Group Holdings Ltd., pocketed $487 million in August by selling 240 million CyberWorks shares at HK$15.81 each. The bond sale to Li is subject to shareholder approval at an extraordinary general meeting.
While Li`s support was welcomed by investors, it won`t have as positive an impact as if he`d bought existing shares. Both the sale of new shares and the possible conversion of bonds should the stock rise would reduce the portion of the company`s earnings each existing shareholder is paid dividends from.
``It`s likely that banks are requesting CyberWorks to pare its debt as a pre-condition for further refinancing,`` said Chris Choy, investment director of Pacific World Asset Management, which manages $60 million in stocks. ``It`s surely bad timing for fund- raising.``
10/24 00:40
CyberWorks Shares Fall; Fund Raising Highlights Debt (Update2)
By Cathy Chan
Hong Kong, Oct. 24 (Bloomberg) -- Pacific Century CyberWorks Ltd.`s shares fell as much as 7.7 percent on concern a plan to raise as much as $1.8 billion selling stock and bonds will reduce investors` share of earnings and suggests bankers are anxious about its finances.
The decline was limited, though, because CyberWorks Chairman Richard Li, the son of Hong Kong billionaire Li Ka-shing, plans to buy $500 million of the bonds and companies that he controls will underwrite the $500 million share sale. Li may end up with much of the new stock, which isn`t being sold at a discount.
The Internet company, whose shares tumbled more than 75 percent since a mid-February peak, needs to refinance some of the $9 billion debt it raised in August to buy Cable & Wireless HKT Ltd., which comes due in February. Because the convertible bonds will be sold by a unit of CyberWorks, the debt won`t appear on the parent`s balance sheet, allowing it to qualify for more bank loans.
``This just shows their anxiety to cut debt,`` said Ambrose Chang, chief investment officer at Daiwa International Capital Management (H.K.) Ltd., which holds about 1 percent of CyberWorks. Still, he added, the transaction ``may help set a floor price on the stock.``
CyberWorks stock fell as much as 50 HK cents to HK$6.00 and closed the morning trading session at HK$6.20, a 4.6 percent decline. The stock was the most active by value with HK$1.3 billion ($168 million). Pacific Century Regional Developments Ltd., a Richard Li company that owns 32 percent of CyberWorks, fell 4.8 percent to S$1.38 in Singapore.
Debts
CyberWorks` plan will reduce its debt to about $4 billion, the company said. Investors and analysts, however, said that the company was only putting off solving its debt problems.
``The impact of debt reduction is marginal,`` said Ronald Chan, head of Asian Internet research of Dresdner Kleinwort Benson. ``They are delaying the problem. They still have to resolve the refinancing problem in the longer term.``
The $1.3 billion in convertible bonds will be sold at a conversion premium of between 21 percent and 26 percent by an as- yet-unnamed CyberWorks unit. Li will buy $500 million while institutional investors will be offered $600 million and the company may sell an extra $200 million if demand is high
CyberWorks will also offer about 600 million new shares to shareholders by offering investors three shares for each 100 they now own at $6.50 each, the price at which the stock closed Friday, bankers said. BNP Paribas Peregrine Securities Ltd. and HSBC Holdings Plc are arranging the bond sale.
Richard Li, who now owns 3.9 percent of CyberWorks through its private parent, Pacific Century Group Holdings Ltd., pocketed $487 million in August by selling 240 million CyberWorks shares at HK$15.81 each. The bond sale to Li is subject to shareholder approval at an extraordinary general meeting.
While Li`s support was welcomed by investors, it won`t have as positive an impact as if he`d bought existing shares. Both the sale of new shares and the possible conversion of bonds should the stock rise would reduce the portion of the company`s earnings each existing shareholder is paid dividends from.
``It`s likely that banks are requesting CyberWorks to pare its debt as a pre-condition for further refinancing,`` said Chris Choy, investment director of Pacific World Asset Management, which manages $60 million in stocks. ``It`s surely bad timing for fund- raising.``
OCTOBER 23, 2000
ONLINE ASIA
By Bruce Einhorn
Can SoftNet Make PCCW a Proud Shareholder Again?
A 23% owner, Pacific Century CyberWorks has taken its lumps lately along with SoftNet. Now SoftNet says it has a plan for rebounding
When Hong Kong`s Pacific Century CyberWorks ( PCW ) was trying to make an impression on investors last year as an Internet player, one of the first deals the company trumpeted was its investment in SoftNet Systems ( SOFN ). Under founder and Chairman Richard Li, PCCW paid $129 million for 23% of SoftNet, a broadband-access and content company based in San Francisco.
Deals like the SoftNet investment helped inflate PCCW`s stock price. Investors eager to ride the Internet wave in Asia didn`t have many other choices, and Li seemed to be building a holding company with a diverse portfolio of investments. At one point early in 2000, PCCW had a market cap bigger than Amazon.com ( AMZN ). That allowed Li to take over Hong Kong`s largest telecom company, Cable & Wireless HKT ( HKT ).
But lately investors haven`t been as impressed with Li`s investments (see BW, 10/30/00, "The Internet Flier Who Fell to Earth"). One of the stocks that has suffered the most in the U.S. market shakeout has been SoftNet, with its price down more than 80% so far this year. On Oct. 19, SoftNet took some action, laying off 62 workers -- 12% of its total.
TRANSFORMED FOCUS. A few days before the announcement, I spoke to SoftNet`s chairman and CEO, Lawrence B. Brilliant, about his ties to PCCW and his plans for SoftNet. Brilliant explained that when he first met Li, in July, 1999, the two companies had similar business plans. "What Richard saw in us was a company that, under one roof, has high-speed satellite backbone and high-speed over cable. That`s what he was trying to do. That`s what PCCW was. The theory behind his interest in us was extremely logical."
What was logical then, of course, doesn`t seem so now. That`s because of Li`s takeover of Cable & Wireless HKT. The company is a leading broadband player. But it delivers broadband to more than 100,000 subscribers in Hong Kong using digital subscriber line (DSL) technology -- over telephone lines. PCCW "is a totally different company now," says Brilliant. "They have had a huge transformation."
But doesn`t that transformation hurt SoftNet? After all, the focus of PCCW is no longer on SoftNet`s strength. Brilliant disagrees that the Cable & Wireless HKT deal is bad news for his alliance with PCCW. "From my point of view, it has gotten a lot better now that the HKT deal is done," he says. "Because PCCW knows who they are now. They`ve gone from a broadband Internet idea to being a phone company." During the long struggle to take over Cable & Wireless HKT, contact with PCCW was minimal, he says. "We are beginning to see them again. They were certainly not present in our life for six months. They are a great partner now."
"WE`VE DISAPPOINTED." Brilliant also is trying to change SoftNet. The infrastructure side of the business remains strong. Brilliant says it brought in $10 million in revenue this year compared to $1 million in 1999, and he predicts that revenue will jump next year to $36 million. But the company`s division providing high-speed connections via cable, called ISP Channel, has stalled. The unit has just 33,000 subscribers, which pales in comparison to the subscriber numbers for rivals such as @Home and Road Runner, which count their customers in the millions. Brilliant blames the massive consolidation in the U.S. cable industry, which has reduced the number of independent cable operators that SoftNet tries to do business with.
The failures of ISP Channel have contributed to bigger losses than expected. SoftNet suffered a net loss of $29 million for the quarter ended June 30 on revenue of $8.6 million. With the market no longer displaying a forgiving attitude toward companies without profits, the losses contributed to SoftNet`s plunging stock. "We`ve disappointed [investors]," says Brilliant of Li and his team at PCCW.
The next big thing for SoftNet, Brilliant says, will be wireless broadband. Recently, the company launched a new division called Aerzone, designed to provide high-speed connections for business travelers, with an emphasis on air travelers. The company has business centers in 16 U.S. airports and hopes to grow to 30 by yearend. Aerzone`s minority shareholders include United Airlines ( UAL ), Delta Air Lines ( DAL ), and Compaq Computer ( CPQ ). Brilliant is hopeful that Aerzone will interest PCCW. "We are looking at how to replicate this in Asia with Richard," he says.
NO REGRETS. Meanwhile, SoftNet has backed away from other plans in Asia. The company had a 50/50 joint venture with an outfit based in Calgary called China Broadband Corp. ( CBBD ). The venture, Big Sky Network Canada, was involved in the operations of a cable company in the southern Chinese city of Guangzhou. But as the layoffs at the ISP Channel demonstrate, SoftNet wants out of the cable business. So the company, which Brilliant says purchased the stake for $2.5 million two years ago, sold its half to China Broadband for $2.5 million, plus a $1.7 million promissory note and shares in China Broadband. The value of the deal, Brilliant says, is $12 million.
While things haven`t quite worked out the way Brilliant thought when Li first invested in his company in 1999, the SoftNet exec expresses no regrets. "We were able to use Richard`s money to build this company," he says. "We would not have been able to do [Aerzone] if PCCW hadn`t invested $129 million in us."
And he takes pains to praise his major shareholder. "What Richard Li has accomplished is a Harvard Biz School case study," he says. The takeover of Cable & Wireless HKT was "a breathtaking accomplishment. In this battle, Richard Li and his ideas won. Like everybody, now he has to implement them."
ONLINE ASIA
By Bruce Einhorn
Can SoftNet Make PCCW a Proud Shareholder Again?
A 23% owner, Pacific Century CyberWorks has taken its lumps lately along with SoftNet. Now SoftNet says it has a plan for rebounding
When Hong Kong`s Pacific Century CyberWorks ( PCW ) was trying to make an impression on investors last year as an Internet player, one of the first deals the company trumpeted was its investment in SoftNet Systems ( SOFN ). Under founder and Chairman Richard Li, PCCW paid $129 million for 23% of SoftNet, a broadband-access and content company based in San Francisco.
Deals like the SoftNet investment helped inflate PCCW`s stock price. Investors eager to ride the Internet wave in Asia didn`t have many other choices, and Li seemed to be building a holding company with a diverse portfolio of investments. At one point early in 2000, PCCW had a market cap bigger than Amazon.com ( AMZN ). That allowed Li to take over Hong Kong`s largest telecom company, Cable & Wireless HKT ( HKT ).
But lately investors haven`t been as impressed with Li`s investments (see BW, 10/30/00, "The Internet Flier Who Fell to Earth"). One of the stocks that has suffered the most in the U.S. market shakeout has been SoftNet, with its price down more than 80% so far this year. On Oct. 19, SoftNet took some action, laying off 62 workers -- 12% of its total.
TRANSFORMED FOCUS. A few days before the announcement, I spoke to SoftNet`s chairman and CEO, Lawrence B. Brilliant, about his ties to PCCW and his plans for SoftNet. Brilliant explained that when he first met Li, in July, 1999, the two companies had similar business plans. "What Richard saw in us was a company that, under one roof, has high-speed satellite backbone and high-speed over cable. That`s what he was trying to do. That`s what PCCW was. The theory behind his interest in us was extremely logical."
What was logical then, of course, doesn`t seem so now. That`s because of Li`s takeover of Cable & Wireless HKT. The company is a leading broadband player. But it delivers broadband to more than 100,000 subscribers in Hong Kong using digital subscriber line (DSL) technology -- over telephone lines. PCCW "is a totally different company now," says Brilliant. "They have had a huge transformation."
But doesn`t that transformation hurt SoftNet? After all, the focus of PCCW is no longer on SoftNet`s strength. Brilliant disagrees that the Cable & Wireless HKT deal is bad news for his alliance with PCCW. "From my point of view, it has gotten a lot better now that the HKT deal is done," he says. "Because PCCW knows who they are now. They`ve gone from a broadband Internet idea to being a phone company." During the long struggle to take over Cable & Wireless HKT, contact with PCCW was minimal, he says. "We are beginning to see them again. They were certainly not present in our life for six months. They are a great partner now."
"WE`VE DISAPPOINTED." Brilliant also is trying to change SoftNet. The infrastructure side of the business remains strong. Brilliant says it brought in $10 million in revenue this year compared to $1 million in 1999, and he predicts that revenue will jump next year to $36 million. But the company`s division providing high-speed connections via cable, called ISP Channel, has stalled. The unit has just 33,000 subscribers, which pales in comparison to the subscriber numbers for rivals such as @Home and Road Runner, which count their customers in the millions. Brilliant blames the massive consolidation in the U.S. cable industry, which has reduced the number of independent cable operators that SoftNet tries to do business with.
The failures of ISP Channel have contributed to bigger losses than expected. SoftNet suffered a net loss of $29 million for the quarter ended June 30 on revenue of $8.6 million. With the market no longer displaying a forgiving attitude toward companies without profits, the losses contributed to SoftNet`s plunging stock. "We`ve disappointed [investors]," says Brilliant of Li and his team at PCCW.
The next big thing for SoftNet, Brilliant says, will be wireless broadband. Recently, the company launched a new division called Aerzone, designed to provide high-speed connections for business travelers, with an emphasis on air travelers. The company has business centers in 16 U.S. airports and hopes to grow to 30 by yearend. Aerzone`s minority shareholders include United Airlines ( UAL ), Delta Air Lines ( DAL ), and Compaq Computer ( CPQ ). Brilliant is hopeful that Aerzone will interest PCCW. "We are looking at how to replicate this in Asia with Richard," he says.
NO REGRETS. Meanwhile, SoftNet has backed away from other plans in Asia. The company had a 50/50 joint venture with an outfit based in Calgary called China Broadband Corp. ( CBBD ). The venture, Big Sky Network Canada, was involved in the operations of a cable company in the southern Chinese city of Guangzhou. But as the layoffs at the ISP Channel demonstrate, SoftNet wants out of the cable business. So the company, which Brilliant says purchased the stake for $2.5 million two years ago, sold its half to China Broadband for $2.5 million, plus a $1.7 million promissory note and shares in China Broadband. The value of the deal, Brilliant says, is $12 million.
While things haven`t quite worked out the way Brilliant thought when Li first invested in his company in 1999, the SoftNet exec expresses no regrets. "We were able to use Richard`s money to build this company," he says. "We would not have been able to do [Aerzone] if PCCW hadn`t invested $129 million in us."
And he takes pains to praise his major shareholder. "What Richard Li has accomplished is a Harvard Biz School case study," he says. The takeover of Cable & Wireless HKT was "a breathtaking accomplishment. In this battle, Richard Li and his ideas won. Like everybody, now he has to implement them."
PCCW to issue bond, new shares
Hit by a 40 per cent plunge in share value in the last month, Internet and telecom firm Pacific Century CyberWorks (PCCW) is to raise about US$1.6 billion through a debt and share offering. The move will improve its financial position, the company says.
Under the terms of financing revealed late yesterday, PCCW will issue a US$1.1 billion convertible bond - US$500 million of which will be taken on by Chairman Richard Li - and offer three new shares for each 100 shares held to existing shareholders, according to the company and sources.
The offering will help PCCW pare its bank debt - which has been one of numerous factors weighing on its share price - to US$4.1 billion from US$5.45 billion, a company official said.
Deputy Chairman Francis Yuen said the financing package "will put us into a better financial situation and allow us to get better conditions for long-term financing" of the bank debt.
PCCW expects to receive the proceeds of its offerings "hopefully within about six to eight weeks", said Alex Arena, deputy chairman of the executive committee.
The new shares will be priced at HK$6.50 apiece. This was PCCW`s closing price on Friday. The shares could total up to HK$4.14 billion (US$532 million) based on the offering ratio and the 21.24 billion PCCW shares outstanding.
Singapore-listed Pacific Century Regional Development, which is controlled by Li, will underwrite the entire share offering, PCCW said.
Subscribers to the new shares will receive two warrants for free for every one share subscribed, sources said. The exercise price for the warrant will be HK$7.50. Trading in PCCW`s stock was suspended yesterday pending an announcement.
Of the US$1.1 billion convertible bond issue, the US$600 million worth not subscribed by Li is fully underwritten by HSBC and BNP Prime Peregrine, Arena said.
One analyst said "...the management is able to place all the new shares and sell its convertible bond, then I`d say the management would be successful in reducing the debt burden and the cash flow burden".
Added analyst Voon San Lai of G.K. Goh: "Any time this company raises cash, I think it`s positive ... Basically, they`re getting a source of funding that`s probably going to be cheaper than going to the banks and borrowing money."
PCCW, which was able to pay US$28.5 billion for much-larger Cable & Wireless HKT in February after its shares reached as high as HK$28.50, has seen its stock price evaporate in recent months under negative sector sentiment and a heavy debt burden.
Hit by a 40 per cent plunge in share value in the last month, Internet and telecom firm Pacific Century CyberWorks (PCCW) is to raise about US$1.6 billion through a debt and share offering. The move will improve its financial position, the company says.
Under the terms of financing revealed late yesterday, PCCW will issue a US$1.1 billion convertible bond - US$500 million of which will be taken on by Chairman Richard Li - and offer three new shares for each 100 shares held to existing shareholders, according to the company and sources.
The offering will help PCCW pare its bank debt - which has been one of numerous factors weighing on its share price - to US$4.1 billion from US$5.45 billion, a company official said.
Deputy Chairman Francis Yuen said the financing package "will put us into a better financial situation and allow us to get better conditions for long-term financing" of the bank debt.
PCCW expects to receive the proceeds of its offerings "hopefully within about six to eight weeks", said Alex Arena, deputy chairman of the executive committee.
The new shares will be priced at HK$6.50 apiece. This was PCCW`s closing price on Friday. The shares could total up to HK$4.14 billion (US$532 million) based on the offering ratio and the 21.24 billion PCCW shares outstanding.
Singapore-listed Pacific Century Regional Development, which is controlled by Li, will underwrite the entire share offering, PCCW said.
Subscribers to the new shares will receive two warrants for free for every one share subscribed, sources said. The exercise price for the warrant will be HK$7.50. Trading in PCCW`s stock was suspended yesterday pending an announcement.
Of the US$1.1 billion convertible bond issue, the US$600 million worth not subscribed by Li is fully underwritten by HSBC and BNP Prime Peregrine, Arena said.
One analyst said "...the management is able to place all the new shares and sell its convertible bond, then I`d say the management would be successful in reducing the debt burden and the cash flow burden".
Added analyst Voon San Lai of G.K. Goh: "Any time this company raises cash, I think it`s positive ... Basically, they`re getting a source of funding that`s probably going to be cheaper than going to the banks and borrowing money."
PCCW, which was able to pay US$28.5 billion for much-larger Cable & Wireless HKT in February after its shares reached as high as HK$28.50, has seen its stock price evaporate in recent months under negative sector sentiment and a heavy debt burden.
Umsatzstärkste Aktie ist einmal mehr Pacific Century CaberWorks (PCCW).
Gestern wurde das Papier nicht gehandelt, da das Unternehmen eine Anleihe im Wert von 1,1 Mrd. Dollar auflegen will. Darüber hinaus gab PCCW-Chef und Gründer Richard Li Bekannt, dass er insgesamt 1 Mrd. Dollar aus seinem Privatvermögen in das Unternehmen investieren werde, um Vertrauen zurück zu gewinnen und den Verfall der Aktie aufzuhalten. Bisher funktioniert das allerdings nicht. Die Aktie
gibt aktuell 4,6 Prozent auf 6,20 HK-Dollar ab.
Gestern wurde das Papier nicht gehandelt, da das Unternehmen eine Anleihe im Wert von 1,1 Mrd. Dollar auflegen will. Darüber hinaus gab PCCW-Chef und Gründer Richard Li Bekannt, dass er insgesamt 1 Mrd. Dollar aus seinem Privatvermögen in das Unternehmen investieren werde, um Vertrauen zurück zu gewinnen und den Verfall der Aktie aufzuhalten. Bisher funktioniert das allerdings nicht. Die Aktie
gibt aktuell 4,6 Prozent auf 6,20 HK-Dollar ab.
Schlechte Stimmung nach Handelsaufnahme bei PCCW
PCCW ist heute kurz nach Börsenstart bis auf 6 HK-$ abgestürtzt (-7,7%). Im weiteren Verlauf konnte man sich jedoch wieder erholen und notiert am Mittag bei 6,20 HK-$, was einem Minus von 4,6 % gegenüber dem Freitag entspricht. Das Handelsvolumen ist bisher mit 1,27 Mrd HK-$ sehr hoch und macht fast ein Drittel des ganzen Volumens am Hang Seng bisher aus.
PCCW wurde gestern vom Handel ausgesetzt, da man gegen Abend ein Statement über die Ausgabe neuer Aktien und einer Wandelanleihe ausgab. Das Unternehmen will mindestens 1,1 Mrd US-$ durch den Verkauf der Wandelanleihen einnehmen -weitere 200 Mill US-$ sollen folgen, falls die Nachfrage hoch ist (Greenshoe)- und neue Aktien im Wert von über 500 Mill US-$ ausgeben.
Von Analystenseite kam Kritik, dass Wandelanleihen auch weiterhin Schulden seien. Durch diese Massnahme habe man nur die Zeitpunkt der Rückzahlung hinausgezogen. Man glaubt außerdem, dass institutionelle Investoren nicht Aktien und Bonds zugleich erwerben. Nach Ansicht einiger Marktteilnehmer werden vor allem Hedge Funds bei den Anleihen einsteigen.
-js- 24.10.00 08:46:00
PCCW ist heute kurz nach Börsenstart bis auf 6 HK-$ abgestürtzt (-7,7%). Im weiteren Verlauf konnte man sich jedoch wieder erholen und notiert am Mittag bei 6,20 HK-$, was einem Minus von 4,6 % gegenüber dem Freitag entspricht. Das Handelsvolumen ist bisher mit 1,27 Mrd HK-$ sehr hoch und macht fast ein Drittel des ganzen Volumens am Hang Seng bisher aus.
PCCW wurde gestern vom Handel ausgesetzt, da man gegen Abend ein Statement über die Ausgabe neuer Aktien und einer Wandelanleihe ausgab. Das Unternehmen will mindestens 1,1 Mrd US-$ durch den Verkauf der Wandelanleihen einnehmen -weitere 200 Mill US-$ sollen folgen, falls die Nachfrage hoch ist (Greenshoe)- und neue Aktien im Wert von über 500 Mill US-$ ausgeben.
Von Analystenseite kam Kritik, dass Wandelanleihen auch weiterhin Schulden seien. Durch diese Massnahme habe man nur die Zeitpunkt der Rückzahlung hinausgezogen. Man glaubt außerdem, dass institutionelle Investoren nicht Aktien und Bonds zugleich erwerben. Nach Ansicht einiger Marktteilnehmer werden vor allem Hedge Funds bei den Anleihen einsteigen.
-js- 24.10.00 08:46:00
PCCW: Anleihenpreis am unteren Ende
PCCW hat den Preis für seine Bonds am unteren Ende der Spanne gewählt. Die fünfjährige Anleihe wird einen Coupon von 3,5 % und einen Umtauschpreis von 7,865 HK-$ besitzen. Damit liegt der Umtauschpreis 21 % über dem Schlusskurs von 6,50 HK-$ vom Freitag.
Insgesamt wird PCCW Bonds für 1,1 Mrd US-$ ausgeben. Sollte die Nachfrage hoch sein, will man weitere 200 Mill US-$ als Greenshoe ausgeben. Der Bondverkauf wird von BNP und HSBC durchgeführt.
Nach Angaben aus dem Bereich der Konsortialbanken ist der Bondverkauf schon ganz gezeichnet. 500 Mill US-$ sind von Richard Li gezeichnet worden. Die restlichen Bonds in Höhe von 600 Mill US-$ sind schon voll von institutionellen Anlegern gezeichnet worden.
An der Börse äußerten sich manche Analysten kritisch über die Bonds. Diese seien nur eine Verschiebung der Schuldenlast und würden vornehmlich von Hedge Funds gezeichnet werden.
-js- 24.10.00 09:07:00
PCCW hat den Preis für seine Bonds am unteren Ende der Spanne gewählt. Die fünfjährige Anleihe wird einen Coupon von 3,5 % und einen Umtauschpreis von 7,865 HK-$ besitzen. Damit liegt der Umtauschpreis 21 % über dem Schlusskurs von 6,50 HK-$ vom Freitag.
Insgesamt wird PCCW Bonds für 1,1 Mrd US-$ ausgeben. Sollte die Nachfrage hoch sein, will man weitere 200 Mill US-$ als Greenshoe ausgeben. Der Bondverkauf wird von BNP und HSBC durchgeführt.
Nach Angaben aus dem Bereich der Konsortialbanken ist der Bondverkauf schon ganz gezeichnet. 500 Mill US-$ sind von Richard Li gezeichnet worden. Die restlichen Bonds in Höhe von 600 Mill US-$ sind schon voll von institutionellen Anlegern gezeichnet worden.
An der Börse äußerten sich manche Analysten kritisch über die Bonds. Diese seien nur eine Verschiebung der Schuldenlast und würden vornehmlich von Hedge Funds gezeichnet werden.
-js- 24.10.00 09:07:00
PCCW: weniger Geld für NOW
PCCW will in Zukunft weniger Geld in sein Breitband-Netzwerk NOW investieren. Aufgrund des Shakouts bei den Unternehmen reduziert sich die Konkurrenz. PCCW wird es dadurch leichter Partnerschaften einzugehen. Alex Arena, Chairman von PCCW, sagte auf einer Analystenkonferenz, dass man in Zukunft besonnener Vorgehen wolle. Der Markt geht durch eine Konsolidierungsphase, in der man erneut abschätzen kann, ob man allein gehen will oder nicht.
Weiter sagte er, dass sich der Zeitplan für NOW vielleicht ändern werde. PCCW wollte im nächsten Jahr die chinesische und japanische Version von NOW starten. Momentan ist das Breitbandnetzwerk nur in Englisch verfügbar.
PCCW hat für NOW heftige Kritik von den Analysten einstecken müssen. Bisher sind die Nutzerzahlen eher mässig.
-js- 24.10.00 16:21:00
PCCW will in Zukunft weniger Geld in sein Breitband-Netzwerk NOW investieren. Aufgrund des Shakouts bei den Unternehmen reduziert sich die Konkurrenz. PCCW wird es dadurch leichter Partnerschaften einzugehen. Alex Arena, Chairman von PCCW, sagte auf einer Analystenkonferenz, dass man in Zukunft besonnener Vorgehen wolle. Der Markt geht durch eine Konsolidierungsphase, in der man erneut abschätzen kann, ob man allein gehen will oder nicht.
Weiter sagte er, dass sich der Zeitplan für NOW vielleicht ändern werde. PCCW wollte im nächsten Jahr die chinesische und japanische Version von NOW starten. Momentan ist das Breitbandnetzwerk nur in Englisch verfügbar.
PCCW hat für NOW heftige Kritik von den Analysten einstecken müssen. Bisher sind die Nutzerzahlen eher mässig.
-js- 24.10.00 16:21:00
PCCW sammelt noch einmal 500 Mio US$ über Bonds
Pacific Century Cyberworks wollte nach den bisherigen Meldungen Bonds für 1,1 Mrd US-$ ausgeben. Bei höherer Nachfrage hatte man sich einen Greenshoe von 200 Mio US-$ offen gehalten. Der Bondverkauf wird von BNP Peregrine und HSBC Securities durchgeführt. Nach Angaben aus dem Bereich der Konsortialbanken ist der Bondverkauf schon ganz gezeichnet. 500 Mill US-$ von Richard Li, die restlichen Bonds von institutionellen Anlegern.
Jetzt gab PCCW bekannt, dass man eine weitere 500 Mio US-$ schwere Wandelanleihe an einen größeren Aktionär verkaufen wolle. Damit hebt PCCW insgesamt 1,8 mrd. US-$ über Bonds aus. David Prince, Financial Officer von PCCW äußerte sich dabei positiv. Die Pläne zur Reduktion der eigenen Schuldenlast auf ein angemessenes Niveau seien damit voll im Gange. Man habe bereits die 3 Mrd. US-$ in Bar an Telstra bezahlt und weitere 3,56 Mrd. US$ im Zuge der Allianz ausheben können. Damit sei man an einer günstigen Position für die Zukunft. Die Finanzierungen seien gedeckt und wer glaubte, die Schulden könnten PCCW auffressen, der habe sich doch so schnell eines besseren belehren lassen müssen.
Derzeit verbleiben PCCW noch 4 Mrd. US-$ Schulden. gerade 70 Tage nach dem Merger mit C&W HKT.
Dazu äußerte sich PCCW, dass man die restlichen 4 Mrd. US-$ Schulden auf einer langfristigen Basis finanzieren wolle. BNP und HSBC hätten hierbei bereits ihre Unterstützung zugesichert. An der Börse äußerten sich manche Analysten kritisch über die Bonds. Diese seien nur eine Verschiebung der Schuldenlast und würden vornehmlich von Hedge Funds gezeichnet werden. Allerdings verbleibt ja, dass das zusätzliche Paket von 500 Mio US-$ an einen einzelnen Großaktionär gehe, der allerdings noch nicht näher genannt wurde.
-fjs- 24.10.00 18:42:00
Pacific Century Cyberworks wollte nach den bisherigen Meldungen Bonds für 1,1 Mrd US-$ ausgeben. Bei höherer Nachfrage hatte man sich einen Greenshoe von 200 Mio US-$ offen gehalten. Der Bondverkauf wird von BNP Peregrine und HSBC Securities durchgeführt. Nach Angaben aus dem Bereich der Konsortialbanken ist der Bondverkauf schon ganz gezeichnet. 500 Mill US-$ von Richard Li, die restlichen Bonds von institutionellen Anlegern.
Jetzt gab PCCW bekannt, dass man eine weitere 500 Mio US-$ schwere Wandelanleihe an einen größeren Aktionär verkaufen wolle. Damit hebt PCCW insgesamt 1,8 mrd. US-$ über Bonds aus. David Prince, Financial Officer von PCCW äußerte sich dabei positiv. Die Pläne zur Reduktion der eigenen Schuldenlast auf ein angemessenes Niveau seien damit voll im Gange. Man habe bereits die 3 Mrd. US-$ in Bar an Telstra bezahlt und weitere 3,56 Mrd. US$ im Zuge der Allianz ausheben können. Damit sei man an einer günstigen Position für die Zukunft. Die Finanzierungen seien gedeckt und wer glaubte, die Schulden könnten PCCW auffressen, der habe sich doch so schnell eines besseren belehren lassen müssen.
Derzeit verbleiben PCCW noch 4 Mrd. US-$ Schulden. gerade 70 Tage nach dem Merger mit C&W HKT.
Dazu äußerte sich PCCW, dass man die restlichen 4 Mrd. US-$ Schulden auf einer langfristigen Basis finanzieren wolle. BNP und HSBC hätten hierbei bereits ihre Unterstützung zugesichert. An der Börse äußerten sich manche Analysten kritisch über die Bonds. Diese seien nur eine Verschiebung der Schuldenlast und würden vornehmlich von Hedge Funds gezeichnet werden. Allerdings verbleibt ja, dass das zusätzliche Paket von 500 Mio US-$ an einen einzelnen Großaktionär gehe, der allerdings noch nicht näher genannt wurde.
-fjs- 24.10.00 18:42:00
PCCW: Halten
Die Experten von Mansion House bewerten PCCW mit "Halten". Das Investmenthaus sieht die Entscheidung der Großaktionäre die Kapitalerhöhung voll zu zeichnen sehr positiv. Man erwartet einen Stabilisierung des Kurs um das jetztige Niveau in der nächsten Zeit. Allerdings herrsche weiterhin Unsicherheit über das Business-Modell von PCCW und die 14,2 %, die immer noch von C&W gehalten werden. Deswegen wird die Aktie nur mit "Halten" eingestuft.
-js- 24.10.00 10:36:00
Die Experten von Mansion House bewerten PCCW mit "Halten". Das Investmenthaus sieht die Entscheidung der Großaktionäre die Kapitalerhöhung voll zu zeichnen sehr positiv. Man erwartet einen Stabilisierung des Kurs um das jetztige Niveau in der nächsten Zeit. Allerdings herrsche weiterhin Unsicherheit über das Business-Modell von PCCW und die 14,2 %, die immer noch von C&W gehalten werden. Deswegen wird die Aktie nur mit "Halten" eingestuft.
-js- 24.10.00 10:36:00
Top Financial News
10/25 01:23
CyberWorks to Cut Internet Spending After Share Slide (Update4)
By Cathy Chan
Hong Kong, Oct. 25 (Bloomberg) -- Pacific Century CyberWorks Ltd. said it will cut spending on its interactive Internet entertainment project after shares in Richard Li`s investment company tumbled 80 percent in eight months.
CyberWorks Chief Financial Officer David Prince said costs of Network of the World, or NOW, will be reduced ``to what we can afford`` by using facilities acquired from Cable & Wireless HKT Ltd. in August and focusing operations on Asia.
CyberWorks` is cutting costs and selling its shares to help repay some of the $9 billion loan Li used to buy HKT, Hong Kong`s biggest telephone company. Before its stock slumped, Li called for CyberWorks to be world`s largest system for distributing high- speed Internet services, reaching a projected 110 million households in Asia.
``They were so bullish at the beginning and now they are just spending all their time trying to reduce their debt,`` said Yvonne Leung, who manages technology-oriented fund at Towry Law (Asia) Ltd., which investors $2 billion in regional equities. ``They`re running out of options.``
CyberWorks shares gained 3.5 percent to HK$5.95 on hopes the cost cutting will help the company meet its debts. The comments came after CyberWorks shares plunged 11.5 percent in a day on concern a $1.8 billion stock and bond sale suggested the company is under pressure from bankers to improve finances before the loan comes due in February.
Discretion
When it bought HKT, the company said it planned to spend $700 million on English and Chinese NOW services -- $350 million each - - during the next 18 months. Prince said on a conference call with analysts yesterday that spending on NOW would be ``a discretionary item,`` declining to give details.
``We`re restructuring the business around telecom in Hong Kong,`` said Prince. ``We can significantly cut back the costs of the NOW model that stood here,`` before the merger.
The move suggested the company is anxious about the pace of growth in Internet-related businesses after a global slump in online stocks in the past six months. It may now focus on the telecommunications businesses, acquired from HKT, because they have stronger earnings to repay debts.
``It`s a question of putting the money to the right priority,`` said Sanjeet Devgan, an analyst at Prudential Bache Securities.
The company also suggested it will focus on Internet infrastructure rather than content for now. CyberWorks announced a 50-50 Internet infrastructure company with Telstra Corp., Australia`s biggest telecommunication operator. The so-called IP backbone company will operate as a global carrier of voice and data.
The IP backbone is ``a very solid business with $2 billion revenue per annum and about $500 million EBITDA (earnings before interest, tax, depreciation and amortization),`` said deputy chairman Alex Arena. ``We`re looking more cautiously at the rate of expansion into our various net enterprises in line with the general markets.``
NOW
The NOW service, started in June, includes an Internet portal and a satellite television service. Viewers of NOW on televisions, computers and mobile phones can call up text, sound or video on everything from skydiving to punk rock. They can even `space-race` their way round a futuristic track.
Many users will have to use their imagination to enjoy the site, however. Only 4 million homes in Asia now have high-speed broadband connections so many logging onto www.now.com are greeted by this message: ``For optimal experience on this site you need broadband.`` Others may stumble at the English-language text.
Cutting spending on NOW ``just serves to highlight the lack of real prospects in their area of focus,`` Towry Law`s Leung said. ``I`m not buying anything at the moment.``
Hong Kong`s I-Cable Communications Ltd. started carrying NOW, on one of its cable TV channels since early September. The channel, which CyberWorks is marketing to other networks in Asia, runs through short music, sports and documentary clips available on the site without allowing interaction.
CyberWorks` choice of I-Cable raises questions about its confidence in ITV, an HKT company with an interactive television service that had similar ambitions as CyberWorks. ITV`s slow subscriber growth -- it won just 90,000 subscribers in two years compared with 480,000 at I-Cable -- scuppered a joint venture with News Corp.`s STAR TV channel in May.
10/25 01:23
CyberWorks to Cut Internet Spending After Share Slide (Update4)
By Cathy Chan
Hong Kong, Oct. 25 (Bloomberg) -- Pacific Century CyberWorks Ltd. said it will cut spending on its interactive Internet entertainment project after shares in Richard Li`s investment company tumbled 80 percent in eight months.
CyberWorks Chief Financial Officer David Prince said costs of Network of the World, or NOW, will be reduced ``to what we can afford`` by using facilities acquired from Cable & Wireless HKT Ltd. in August and focusing operations on Asia.
CyberWorks` is cutting costs and selling its shares to help repay some of the $9 billion loan Li used to buy HKT, Hong Kong`s biggest telephone company. Before its stock slumped, Li called for CyberWorks to be world`s largest system for distributing high- speed Internet services, reaching a projected 110 million households in Asia.
``They were so bullish at the beginning and now they are just spending all their time trying to reduce their debt,`` said Yvonne Leung, who manages technology-oriented fund at Towry Law (Asia) Ltd., which investors $2 billion in regional equities. ``They`re running out of options.``
CyberWorks shares gained 3.5 percent to HK$5.95 on hopes the cost cutting will help the company meet its debts. The comments came after CyberWorks shares plunged 11.5 percent in a day on concern a $1.8 billion stock and bond sale suggested the company is under pressure from bankers to improve finances before the loan comes due in February.
Discretion
When it bought HKT, the company said it planned to spend $700 million on English and Chinese NOW services -- $350 million each - - during the next 18 months. Prince said on a conference call with analysts yesterday that spending on NOW would be ``a discretionary item,`` declining to give details.
``We`re restructuring the business around telecom in Hong Kong,`` said Prince. ``We can significantly cut back the costs of the NOW model that stood here,`` before the merger.
The move suggested the company is anxious about the pace of growth in Internet-related businesses after a global slump in online stocks in the past six months. It may now focus on the telecommunications businesses, acquired from HKT, because they have stronger earnings to repay debts.
``It`s a question of putting the money to the right priority,`` said Sanjeet Devgan, an analyst at Prudential Bache Securities.
The company also suggested it will focus on Internet infrastructure rather than content for now. CyberWorks announced a 50-50 Internet infrastructure company with Telstra Corp., Australia`s biggest telecommunication operator. The so-called IP backbone company will operate as a global carrier of voice and data.
The IP backbone is ``a very solid business with $2 billion revenue per annum and about $500 million EBITDA (earnings before interest, tax, depreciation and amortization),`` said deputy chairman Alex Arena. ``We`re looking more cautiously at the rate of expansion into our various net enterprises in line with the general markets.``
NOW
The NOW service, started in June, includes an Internet portal and a satellite television service. Viewers of NOW on televisions, computers and mobile phones can call up text, sound or video on everything from skydiving to punk rock. They can even `space-race` their way round a futuristic track.
Many users will have to use their imagination to enjoy the site, however. Only 4 million homes in Asia now have high-speed broadband connections so many logging onto www.now.com are greeted by this message: ``For optimal experience on this site you need broadband.`` Others may stumble at the English-language text.
Cutting spending on NOW ``just serves to highlight the lack of real prospects in their area of focus,`` Towry Law`s Leung said. ``I`m not buying anything at the moment.``
Hong Kong`s I-Cable Communications Ltd. started carrying NOW, on one of its cable TV channels since early September. The channel, which CyberWorks is marketing to other networks in Asia, runs through short music, sports and documentary clips available on the site without allowing interaction.
CyberWorks` choice of I-Cable raises questions about its confidence in ITV, an HKT company with an interactive television service that had similar ambitions as CyberWorks. ITV`s slow subscriber growth -- it won just 90,000 subscribers in two years compared with 480,000 at I-Cable -- scuppered a joint venture with News Corp.`s STAR TV channel in May.
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