Philippine Long Distance preferreds to be converted Aug. 23; shares will then be putable

By Susanna Moon

Chicago, May 5 - Philippine Long Distance Telephone Co. said its series V convertible preferred stock issued on Aug. 22, 2002 will be mandatorily converted into the company's common shares on Aug. 23.

Each preferred will be converted into one common share.

The record date is Aug. 22.

Hongkong and Shanghai Banking Corp. is the transfer agent.

Holders may require the company to repurchase the converted common shares for 30 days following the mandatory conversion. More information about the put option will be provided on the conversion date.

The company will pay accrued dividends on the converted shares from July 16 to Aug. 22 on Sept. 10.

The issuer is a diversified telecommunications company based in Makati City, Philippines.

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