AirTouch Announces New Internal Reorganization Date for Holders of Its Class C Preferred Stock.SAN FRANCISCO--(BUSINESS WIRE)--June 23, 1999-- AirTouch Communications (NYSE NYSE See: New York Stock Exchange :ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) announced today that its "internal reorganization" in connection with its merger with Vodafone Group Plc (NYSE:VOD See video-on-demand. VoD - video on demand ) will not occur prior to Friday, June 25, 1999. AirTouch had previously announced that the internal reorganization was expected to occur on Wednesday, June 23, 1999. The internal reorganization is being undertaken to permit the merger with Vodafone to qualify as a tax-free reorganization to U.S. holders of AirTouch common stock, except to the extent they receive cash in the merger. In the internal reorganization, the Class C preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. will become voting stock Voting stock The shares in a corporation that entitle the shareholder to vote. voting stock Stock for which the holder has the right to vote in the election of directors, in the appointment of auditors, or in other matters brought up at the ; the internal reorganization does not affect holders of AirTouch common stock or Class B preferred stock. On June 11, AirTouch filed a notice with the SEC on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. describing certain potential tax consequences of the internal reorganization and the Vodafone merger to holders of Class C preferred stock who do not convert their shares to common stock prior to those transactions. The Form 8-K can be obtained from the SEC web page at www.sec.gov. Holders of Class C preferred stock who have questions regarding the notice or the internal reorganization should contact Sue Pirri of Investor Relations at AirTouch at 415-658-2040. AirTouch Communications is the largest wireless company in the world based on the 44 million total customers served by its global ventures. AirTouch has 19 million proportionate customers based on its ownership share in cellular, paging, and personal communications services See PCS. in the United States, Belgium, Egypt, Germany, India, Italy, Japan, Poland, Portugal, Romania, South Korea, Spain, and Sweden. AirTouch also has an interest in the Globalstar satellite system. On January 15, 1999, AirTouch and Vodafone Group Plc announced a definitive agreement to merge. If consummated, the transaction would result in the creation of a global wireless company with more than 29 million proportionate customers in 23 countries. The transaction is targeted to close in June or July 1999, but not prior to June 23, 1999. For a fax copy of this or other AirTouch press releases, please call 1-800-344-7531 or visit the AirTouch web site at www.airtouch.com. |
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