Subject: [NEXTEL-1] Craig (Nextel) McCaw backs Microcell offering

From: Marcelrf <[email-masked]>
Date: Mon, 01 Mar 2004 21:33:52 -0500

Craig (Nextel) McCaw backs Microcell offering
Canadian Press
Monday, March 1, 2004 - Page B6

MONTREAL -- Backed by U.S. cellphone pioneer Craig McCaw, Montreal-based
Microcell Telecommunications Inc. says it aims to raise $100-million by
selling 4.5 million shares, and may boost the issue to $150-million.

Mr. McCaw was the principal force in McCaw Cellular Communications Inc.,
now AT&T Wireless Services Inc., and based in Redmond, Wash. His family
was in the news in December when his youngest brother, billionaire Keith
McCaw, 49, died in an accidental drowning.

Microcell, owner of the Fido cellphone brand in Canada, said Friday that
it is offering the new shares to current shareholders to raise
$100-million. In addition, the company may receive up to an additional
$50-million fromCOM Canada LLC, a private holding company of Craig McCaw
that will also be a standby purchaser for the share rights offering.

Investors will receive one right for every share held at the close of
business on the record date, probably in March.  Every five rights will
entitle the holder to buy one class B non-voting share at $22 each.

The offering will add about 4.5 million shares to the total 22.6 million
outstanding.
Microcell said the combined proceeds will be used to redeem its
preferred shares, and any balance will be used for capital expenditures
and general purposes.

On the Toronto Stock Exchange Friday, Microcell class B shares rose
$1.50 to $25. The offering was announced after markets closed.

http://www.globetechnology.com/servlet/ArticleNews/TPStory/LAC/20040301/RMICRO01/TPTechInvestor

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