marko peljhan on Sat, 25 Apr 1998 00:02:39 +0100 |
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Syndicate: THE FUTURE OF THE NETWORK / first information |
dear syndicalists, i have just today received this information from reliable sources. no news from now directly from soros related organisations, as far as i know. it is - interesting, at least. i will enquire in the next days to learn more. regards, marko peljhan INFORMATION here it is: Loral, Soros want Globalstar interests Loral Space & Communications announced a series of transactions which upon completion will have the effect of 1.increasing Loral's ownership in Globalstar Limited Partnership, 2.establishing a Globalstar service provider fund of US$210 million for reinvestment in the Globalstar project through the purchase of Globalstar gateways and user terminals and 3.adding the Soros funds as a significant equity investor in Globalstar. As a result of the offering, Loral's direct and indirect ownership in Globalstar L.P. will increase from approximately 38% to approximately 42%. Soros' indirect ownership in Globalstar L.P. through this transaction would equal approximately 4%. Loral has offered to buy, for its own account and for the benefit of the Soros funds, up to 4.2 million of partnership interests in Globalstar Limited Partnership from its original service provider partners for US$100 per partnership interest. This represents 30% of each partner's holdings. Partners accepting the Loral/Soros offer will be required to reinvest one-half of their proceeds, or up to US$210 million in the aggregate, into the Globalstar project by establishing an escrow account to be used solely for the purchase of Globalstar gateways and handsets. Loral will fund the purchase of partnership interests through a public offering, which it expects to initiate shortly, of approximately US$500 million of the company's common stock, or approximately 16 million shares representing less than 5% of Loral's equity capitalisation. The company plans to use the balance of the offering proceeds to invest in its core businesses and to pursue satellite service opportunities. source SAT/ND, 24.4.1998 end. end.