Philippine Long Distance to force conversion of series V, VI preferreds

By Laura Lutz

Des Moines, March 4 - Philippine Long Distance Telephone Co. announced that all of its outstanding shares of series V convertible preferred stock and series VI convertible preferred stock will be mandatorily converted into common stock on June 5.

Holders will have the right to require the company to repurchase the common shares for 30 days after the conversion date. The company said it will provide more information about that put option on the conversion date.

Dividends through June 4 will be paid on June 23.

June 4 will be the record date for determining holders of the preferreds.

Hongkong and Shanghai Banking Corp. (contact Weiser Co at 632 830-5399) is the transfer agent.

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