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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6174G AT & T Corp (IRS) 9 July 2001 For more information, contact: Eileen M. Connolly 908-221-6731 (office) econnolly@att.com June Rochford 908-221-8165 (office) jrochford@att.com AT&T Splits Off AT&T Wireless FOR RELEASE MONDAY, JULY 9, 2001 NEW YORK - Marking the final milestone in its split off of AT&T Wireless, AT&T today began converting all AT&T Wireless tracking stock into AT&T Wireless common shares and distributing 1,136,258,587 shares of AT&T Wireless common stock, currently held by AT&T, to AT&T common stockowners. As a result of the redemption and distribution, AT&T Wireless today will become a separate, independent company. As previously announced, the distribution is on the basis of .3218 of a share of AT&T Wireless for each AT&T share outstanding. The redemption of AT&T Wireless tracking stock and conversion to AT&T Wireless common stock is on a one-for-one basis. AT&T common shareowners will receive whole shares of AT&T Wireless and cash payments for fractional shares. As previously announced, AT&T received a ruling from the Internal Revenue Service that the stock dividend to U.S. shareowners and the redemption of the tracking stock qualifies as tax-free for federal income tax purposes, with the exception of cash received for fractional shares. "Today is a great day for AT&T, AT&T Wireless and our shareowners," said AT&T Chairman and CEO C. Michael Armstrong. "After investing more than $15 billion in key acquisitions, and network expansion and improvement, we've taken a local analog cellular operation and built a national digital wireless network with more than 15 million customers. Thanks to those investments and the hard work of more than 29,000 employees, AT&T Wireless last year grew its customer base by 58 percent and its revenue by nearly 40 percent. I know AT&T Wireless has what it takes to capitalize on its many opportunities and succeed as an independent company." Under its restructuring plan, AT&T is creating a family of four publicly-traded businesses, the first of which is AT&T Wireless. Each will operate under the "AT&T" brand and commit to uniform standards of quality. Each is a leader in its industry. AT&T Wireless is one of the fastest-growing wireless providers in the United States. AT&T Broadband is the largest cable TV and broadband services provider. AT&T Business is the leading enterprise communications and networking provider. AT&T Consumer is a leading consumer communications provider. AT&T said its restructuring plan remains on track. The plan is designed to give greater visibility to the market value of each of AT&T'S individual businesses, allow them to be more responsive to their specific markets, and move more quickly to seize growth opportunities. When the restructuring plan is completed, AT&T shareowners will receive shares designed to represent each of the businesses. Going forward, the company noted that investors would be able to select the securities that best suit their investment needs. AT&T also noted the company will adjust its financial reporting to reflect the split off of AT&T Wireless. Effective with second-quarter earnings, AT&T will report AT&T Wireless results as "discontinued operations," in accordance with generally accepted accounting principles. As a result, AT&T Wireless revenue and expenses will not be included in the total revenue and expense lines of the company's income statement, and AT&T Wireless net results will be excluded from AT&T'S earnings from continuing operations. At the same time, AT&T Wireless assets and liabilities will be excluded from the assets and liabilities lines of the company's balance sheet, but will be included in net assets from discontinued operations. AT&T said it will restate prior financial results to conform to the new method of presentation after it files second quarter results with the SEC. The foregoing are "forward-looking statements'" which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currency available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside AT&T'S control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any intention or obligation to update or to revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of AT&T.
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