PCCW saves C&W's bacon

The placement of Pacific Century CyberWorks (PCCW) shares by Cable & Wireless (C&W)completed overnight on Wednesday has caused the stock to plunge in value by 15.92% in little over two days. It did not help that the sale price of the shares at HK$9.88 ($1.27) was an 8% discount to the previous day's closing price and 37% lower than the HK$15.80 level at which C&W acquired the shares.