Cable & Wireless Disposes Of 8 Million NTL Shares For £183 Million

Cable & Wireless yesterday sold 8 million of its shares in NTL for £813m. The buyer was Goldman Sachs, which has placed the entire block to institutional investors- the offer was over-subscribed. The sale took place with NTL’s knowledge, and C&W continues to work with NTL in order to address the balance of its remaining shareholding.

C&W still holds around 36.4 million shares of NTL common stock and has agreed with Goldman Sachs not to dispose of any further shares during the next 30 days. In addition, an agreement with NTL means that C&W will retain around 22.2 million shares until the end of May this year.

At 11am today, Cable & Wireless shares were down 7p on yesterday’s closing price, at £9.23. Yesterday, they closed down 9p at £9.30 (see Sharewatch).

Cable & Wireless: 020 7674 5440 NTL: 01252 402 000

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