18th Feb 2005 07:27
Softbank Corp18 February 2005 Completed acquisition of Cable and Wireless IDC February 17, 2005 SOFTBANK CORP. (the "Company") announced today that it has acquired12,086,632,927 shares in common stock outstanding (99.99%) of Cable and WirelessIDC (Head office: Minato-ku, Tokyo; President and CEO: Philip Green, "C&W IDC")and completed its acquisition on February 17, 2005. Acquisition of shares in C&W IDC makes it a specified subsidiary of the Companywith immediate effect and from March 31, 2005, the date of deemed acquisition, aconsolidated subsidiary. (Reference data) (1) Transaction summary Acquisition method: Acquisition of 12,086,632,927 C&W IDC shares in common stock outstanding (99.99%) (Note 1) Acquisition price: approximately 12.3bn yen Seller: Sable Holdings Limited. (100% owned subsidiary of Cable and Wirelessplc, "Sable") Cable & Wireless Aspac B.V. (100% owned subsidiary of Sable, "Aspac") (Note1) January 2005, C&W IDC issued CBs with subscription warrants to Sable.Sable used all loans to C&W IDC (approximately 48.3bn yen) as payment for theCBs. Subsequently Sable converted the CBs into common stock of C&W IDC. TheCompany acquired all 12,085,932,888 shares in common stock outstanding owned bySable and all 700,039 shares owned by Aspac. (2) Operating performance of C&W IDC (FY ended March 2004) Sales: 71.3bn yenOperating income: (7.1bn yen)Ordinary profit: (7.6bn yen)Net profit: (6.6bn yen)Capital: 36.2bn yen (Note2) (Note2) Sable used loans to C&W IDC for payment of CBs with subscriptionwarrants and subsequently converted the CBs to common stock. Capital and capitalreserves increased by approximately 24.1bn yen, respectively, upon completion ofacquisition. (3) New company name and appointment of directors C&W IDC is renamed to JAPAN TELECOM IDC INC. upon completion of acquisition andKazuhiko Kasai is appointed President of the new company. The new company is named JAPAN TELECOM IDC INC. to highlight the importance ofsynergies between JAPAN TELECOM CO., LTD.which has a large and reliablecommunication infrastructure and corporate customer service base in Japan, and C&W IDC which is a pioneer in global communications established very soon afterderegulation of international communications for expansion of the comprehensivetelecommunications business of the SOFTBANK group. 1. New company name (Business name): Japan Telecom IDC Inc. 2. Company name changed on: February 17, 2005 3. Head Office: Minato-ku, Daiba 2-3-1, Trade Pia Odaiba, Tokyo 4. Appointment of the Board (Directors) (as of February 17) President: Kazuhiko Kasai Director: Mamoru Uenohori Director: Yutaka Shindo Director: Ken Miyauchi Director: Ryuichi Tomimura This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CWC.L