pccw

"The firestorm of 2006 was not PCCW's finest hour, but something good came of it, " said one person close to the company.

Mr Webb said there was no evidence "of any involvement by persons connected to PCCW" .

In its pitch to potential investors, PCCW hinted that this time round it has China's full support for the transaction.

PCCW believed in itself. If the company continued to do good things, ultimately the share price should turn around.

An agreement reached when China Netcom acquired its stake in PCCW in 2005 had in effect given it a veto over any large share sales.

She bought 30, 000 PCCW shares at $5. 70, but said she did not expect them to return to that level for years.

In the PCCW case, a key supporter of the deal gave shares to individuals who were likely to vote in favor of the company's privatization.

People close to PCCW profess to be baffled by the whole affair, which at the very least has complicated a clean exit for Mr Li.

Others may be looking to cash out of their investments, complicating the debate over the fair value of PCCW's shares.

It said yesterday that, after two years, it would be able to swap its stake in PCCW for shares in China Netcom.

Even with control on offer two years ago, PCCW's telecom network was never going to be an easy sell.

None of their efforts, however, were recognised by the market. PCCW's shares remained stuck in a rut.

Buyers that have looked at PCCW say it produces significant amounts of cash, making it easier to load debt onto the company.

Neither Mr Li nor PCCW was implicated of any wrongdoing in connection with the transaction.

PCCW reserves the right to claim those offenders the difference between the market price and the special program price.

PCCW will then be given a week to respond before a two-day hearing is held on April 1 to approve or reject the deal.

But since PCCW's cash pile is defraying the cost of the deal, the buyers may balk: PCCW's net debt to equity is already a heady five times.

PCCW officials said the Hong Kong company had no knowledge of any improper share transfers but will look into the matter.

It was the third time in two years that PCCW had tried in vain to sell its core telecom assets.

An appellate court's decision Wednesday to reject the PCCW deal is being hailed as a triumph for the small shareholder.

However, Zuo Xunsheng, chief executive of Netcom, said yesterday that the company was happy to remain PCCW's second- largest shareholder.

The PCCW stake is being purchased by Francis Leung, an investment banker, with Mr Li agreeing to spread payments over two years.

The first is a serious flaw which, regulators allege, allowed backers of a management-led buyout of PCCW to sway a shareholder vote.

State-controlled China Netcom, which owns 20 per cent of PCCW, declared its opposition to any sale to foreign buyers.

Given the number of twists and turns in the sale of PCCW, Thursday's vote may not mark the end of the affair.

Minority shareholders in April voted against a PCCW proposal to take Pacific Century Premium Developments, its listed property arm, private.

This year, Mr Webb almost single-handedly foiled Mr Li's attempt to take private his company, PCCW.

He also queried the purpose of the scheme, asking whether Mr Li intended to move PCCW to another country.

Richard Li's preferred exit strategy was to sell PCCW's core assets to foreign private equity groups for $7bn.

The $2. 1 billion buyout offer for PCCW, led by company Chairman Richard Li, was such a deal.

Accordingly, a number of special conditions previously imposed on PCCW have now been removed.

Shares in PCCW have fallen sharply in recent weeks, partly over fears that market turmoil could affect the sale and the price.

UBS, the investment bank hired by PCCW to advise on the sale of the stake, yesterday declined to comment.

The episode vindicated management's belief that PCCW's shares were undervalued by the market.

Mr Li and Unicom had tried to sell PCCW's major assets, but had to abandon the plans.

The government released documents exchanged between the administration and PCCW on the Cyberport project.

Unfortunately for Mr Li and PCCW, their plans were wrecked by the global financial crisis.

The Netcom CEO declined to comment on his company's relationship with PCCW or Richard Li.

And if PCCW shareholders have learnt anything over the years, it's patience.

However, state- controlled China Netcom, which owns 20 per cent of PCCW, thwarted the asset sale to foreign groups on nationalistic grounds.

Mr. Li, PCCW's chairman, is a scion of the city's most powerful business family.

Some US$2. 2bn will then be disgorged from PCCW's balance sheet into their pockets in the form of dividends.

PCCW also offers gigabit service to the home and benefits from the same population density.

No wonder that "just about every phone company in the world" has come to visit PCCW, says Alexander Arena, the firm's finance chief.

According to David Webb, hundreds of insurance agents had been given shares in PCCW in return for their support.

Furthermore, of the special dividend, a third will go to Mr Li and his Singapore-listed vehicle, as PCCW's biggest investor.

First off, that requires lifting PCCW's share price to HK$6, in line with the latest offer.

It is PCCW's public minority shareholders who are the clear losers.

PCCW said it eventually planned to list the new company.

But PCCW's share price will dive once the dividend is paid out.

PCCW shareholders voted in favour of the HK$4. 50 per share offer at an extraordinary general meeting held on February 4.

PCCW has made three failed attempts to sell its core telecom assets since 2006.

The IPO of the PCCW trust is meant to play on the demand by investors for yield.

This is obviously intended to Mr Richard Li Tzar PCCW in the negotiations increased weight.

PCCW's shares fell 4 per cent before they were suspended to HK$3. 87, a 14 per cent discount to the privatisation offer.

If all goes according to schedule, he will resign his position as PCCW's chairman by early December.

Mr Leung is paying HK$6 for PCCW shares, a 25 per cent premium over Tuesday's close.

Hong Kong's market regulator is trying to block Mr Li's buy-out of PCCW.

The shares represent 24. 93 per cent of PCCW's issued share capital.

About 2. 1 million households subscribe to PCCW-HKT.

The takeover battle for PCCW, Hong Kong's incumbent telecoms company, ended this week before it had even properly begun.

PCCW will pay a HK$8. 7bn special dividend, worth HK$1. 30 per share.

PCCW's shares, which fell 13 per cent yesterday to close at HK$3. 58, peaked at HK$131. 75 in February 2000.

Richard Li, son of billionaire Li Ka-shing, failed to sell PCCW, Hong Kong's dominant telecoms carrier, to two financial buyers.

And as a former monopoly operating in Hong Kong's most competitive industry, PCCW's market share has been under steady assault.

there are two ways to read china netcom group corp . ' s thwarting of an effective takeover of hong kong telecommunications operator pccw.

He bought shares of the hottest Hong Kong Internet company, PCCW Ltd. , and sold them three months later for a 400% profit.

The list of would-be buyers running the rule over PCCW, Hong Kong's dominant telecoms carrier, keeps growing.

Mr. Li, the chairman of PCCW and son of Hong Kong's richest man, Li Ka-shing, has not been implicated in any wrongdoing.

PCCW, Hong Kong's largest fixed-line operator, said data capacity had been reduced by half.

Spokespeople for the Securities and Futures Commission, Hong Kong police and PCCW declined to comment Saturday.

Netcom objected on the chauvinistic grounds that PCCW should be "owned and managed by Hong Kong people" .

But Hong Kong is a small and saturated market, and PCCW has little presence elsewhere, despite Mr Li's ambitions.

PCCW, Hong Kong's dominant telecoms company, last night formally rejected two $7bn-plus offers from overseas buyers for its core assets.

In 2000 PCCW, then a fledging internet firm, bought Hong Kong's former telephone monopoly, a favourite shareholding for local investors.

In June, a bidding war started for the core assets of PCCW, Hong Kong's dominant telecoms company.

PCCW said it was disappointed by the decision, but it can still appeal to Hong Kong's Court of Final Appeal.

At the height of the technology boom in 2000, Richard Li's PCCW paid $28. 5bn for Hong Kong's then-monopoly telecommunications network.

Mr Li and China Unicom will offer minority shareholders in PCCW, Hong Kong's largest telecommunications company, HK$4. 20 a share.

PCCW is controlled by Richard Li, son of Hong Kong's richest man, Li Ka-shing.

But PCCW's price is morethan twice as much as Hong Kong Broadband's.

PCCW, Hong Kong's dominant fixed-line telecommunications operator, chaired by Richard Li, the Hong Kong tycoon, faces a similar scenario.

PCCW paid US$28. 5bn to acquire Hong Kong's telecoms incumbent from Cable & Wireless eight years ago.

PCCW mobile SmarTone Mobile Communications Limited

PCCW agrees to improve productivity for local loop interconnection

When PCCW, the local phone company, launched a TV-over-broadband service in September 2003, everyone laughed;

Group Chief Information Officer, PCCW Limited

Government statement on the sale of PCCW shares

put a target price of HK$4. 25 on PCCW

Competition, Comparison and Analysis of Hong Kong I-Cable and Hong Kong PCCW

Last year PCCW's core assets generated $3. 66bn