Cable & Wireless to issue exchangeable bonds on PCCW shares before April 12

HONG KONG (AFX-ASIA) - PCCW said it has been informed by Cable & Wireless Plc that the latter plans to issue on or before April 12 exchangeable bonds which can be converted into PCCW shares.	    Cable & Wireless holds a stake of approximately 14.70 pct in PCCW. Cable & Wireless did not take up an option to sell half of its stake in PCCW in February after the expiry of an initial lock-up period.	    Under the new agreement, PCCW said it will lift all remaining restrictions on the sale of Cable & Wireless' entire stake if the exchangeable bonds are issued on or before April 12, it said.	    It said Cable & Wireless directors Graham Wallace and Robert Lerwill have already resigned from the board of PCCW.	    Dealing in PCCW's shares was suspended this morning. The stock was last traded at 3.075 hkd. 

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