CABLE & WIRELESS LIMITED

End Game for PCCW
We examine the collapse in the price of PCCW and the self-inflicted situation of Cable & Wireless. We ask whether the Telstra convertible loan note could be repriced again, and ask what has happened to the planned funding from Hicks Muse Tate and Furst. Finally, we tell you why we've spent so much time on this company in the first place. (21-Sep-2000)
HKT Completion
The PCCW takeover of HKT became effective today. The resultant shareholdings add up to one giant overhang. We also look at how many people failed to elect for the more valuable of the two offers, the shrinking investment portfolio, and the silence surrounding key deals by PCCW needed to refinance its debt as it transits from concept stock to telecom utility. (17-Aug-2000)
Decision Time
As the shareholder meetings of C&W and HKT draw nearer, we take a look at the details of the takeover document. If you are an HKT shareholder, watch out for a sting in the offer alternatives. If you are a C&W shareholder, consider the real value of the huge PCCW stake your company will be getting. We also review the debt burden PCCW will be under and find a few surprises in the offer document. (9-Jun-2000)
Schemes & Votes
The proposed takeover of C&W HKT by PCCW is being done by Scheme of Arrangement rather than General Offer. While this tactic accelerates the path to 100% ownership (and access to HKT's cash) the legal framework leaves the deal open to a decision by minority shareholders in the final vote. If you are an HKT shareholder, find out how to make your vote count! (29-May-2000)
Behind the Telstra Deal
PCCW has begun to dismember C&W HKT even before it has bought it. Lining up a deal with Telstra yesterday, it will sell 40% of the mobile phone operations and borrow US$1.5bn in a subordinated convertible loan from Telstra. We take a look at the terms of the transaction, and update our valuation of PCCW with and without HKT, to take account of the slide in the market prices of its internet portfolio. (13-Apr-2000)
End of The Equity Spiral
We look in detail at last week's announcement of the proposed acquisition by Pacific Century CyberWorks of Cable & Wireless HKT. The issue of inflated shares in the deal will raise our valuation per share, but PCCW is now so big that the equity spiral is over, and there's a gap of US$44bn of hope or hype in the price. Read our detailed evaluation and discover the key "crossover" point between the two offers. (5-Mar-2000)
Screening Our Calls
In this in-depth article, with an accompanying analysis of Pacific Century CyberWorks' hectic sequence of equity fundings and portfolio of acquisitions, we give our latest valuation. To the London board of Cable & Wireless we say: if PCCW is offering you paper, don't pick up the phone. (15-Feb-2000)

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