Business Services Industry
Cable & Wireless Decides to Refund Shareholders.
Knight Ridder/Tribune Business News, November, 2001
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 15--Cable & Wireless bowed to investor pressure and said it would return up to UKpound 1.8 billion to shareholders through a special dividend and share buybacks.
Chief executive Graham Wallace scorns fears of a glut in transatlantic telecom capacity.
The shares rose 15 pence to 361 pence after a first-half pretax loss of UKpound 291 million, in line with City expectations. Last time C&W made UKpound 4.8 billion.
Investors will get a special dividend of 11.5 pence, worth UKpound 320 million, and C&W will buy back up to 15 percent of its shares, now valued at over UKpound 1.5 billion.
This will leave the group with UKpound 3 billion cash to invest and make...
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