19 May 2001
In response to enquiries regarding the merger between VSTR and DT, HWL states as follows:
HWL will not suffer any loss in respect of this transaction. As previously announced, the final mix of cash and DT shares to be received by HWL for its VSTR shares depends upon various closing adjustments, including those in relation to the DT share price, exchange rates and US tax adjustments at the time of closing.
At current price levels, these adjustments would result in a decrease in cash receivable and an increase in the number of DT shares receivable. If the transaction had completed based on last Friday's (18/5) closing prices, HWL would have received a total consideration of approximately US$5.5 billion (US$97.90 per VSTR share), split as to cash of approximately US$915 million (US$16.25 per VSTR share) and approximately 206 million DT shares (3.65 DT shares per VSTR share).
HWL expects the transaction to be completed around 31 May 2001 when it will announce the amount of cash and the number of DT shares to be received. HWL will then record a profit taking into account the DT share price, its volatility and exchange rates at that time.
For further information, please contact:
Laura Cheung
Group Corporate Affairs Department
Pager: 7318 4778
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