Beautifully engraved uncancelled certificate from the GM Hughes Electronics Corporation
in 1989. This historic document was printed by the American Bank Note Company and has an
ornate border around it with a vignette including satellites, ships, space shuttle, earth stations and more. This item has the printed signatures of the Company's Secretary and Chairman of the Board ( Roger Smith ) and is
over 24 years old. Roger Smith was also Chairman of General Motors at the time. After this certificate was issued, the company later dropped GM from its name and was simply called Hughes Electronics. Folds otherwise Fine condition.
GM, Hughes and News Corporation Complete Hughes Transactions
Monday December 22,2003
NEW YORK, Dec. 22, 2003 -- General Motors Corp. (NYSE: GM - News), Hughes Electronics (NYSE: HS - News), and The News Corporation Ltd. (NYSE: NWS - News, NWS.A - News) announced today that they have successfully completed the split-off of Hughes from GM and the acquisition by News Corporation of 34 percent of the outstanding common stock of Hughes.
In the transactions, GM split-off Hughes by distributing Hughes common stock to the holders of GM Class H common stock in exchange for the shares that they own. Simultaneously, GM sold its 19.8 percent economic interest in Hughes to News Corporation in exchange for cash and News Corporation Preferred American Depositary Shares (Preferred ADSs). News Corporation then acquired from the former GM Class H common stockholders an additional 14.2 percent of the outstanding shares of Hughes common stock in exchange for News Corporation Preferred ADSs.
GM sold 80 percent of its 19.8 percent retained economic interest in Hughes to News Corporation for a total of approximately $3.1 billion in cash. GM sold the remaining 20 percent of its retained economic interest in Hughes to News Corporation for approximately 28.6 million News Corporation Preferred ADSs, which was determined using an exchange ratio of 0.52083 News Corporation Preferred ADSs for each share of Hughes common stock, as per the agreements among GM, Hughes and News Corporation.
Immediately prior to the close of the Hughes transaction, there were 1,109,270,842 shares of GM Class H common stock outstanding. As a result of the transactions, GM Class H common stockholders received about 0.8232 shares of Hughes common stock and about 0.1768 News Corporation Preferred ADSs for each share of GM Class H common stock held immediately prior to the closing of the transaction.
After completion of the transactions, News Corporation transferred its entire 34 percent interest in Hughes to Fox Entertainment Group, Inc. (NYSE: FOX - News) in exchange for two promissory notes totaling $4.5 billion and approximately 74.2 million shares of Class A common stock of Fox Entertainment Group valued at $27.99 per share. As a result of the transfer, News Corporation's equity interest in Fox Entertainment Group increased to approximately 82.0 percent from approximately 80.6 percent while its voting power remained at approximately 97 percent.
General Motors, the world's largest vehicle manufacturer, designs, builds and markets cars and trucks worldwide and has been the global automotive sales leader since 1931. GM employs about 340,000 people around the world.
Hughes is a world-leading provider of digital television entertainment, broadband satellite networks and services, and global video and data broadcasting.
News Corporation is a diversified international media and entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific Basin.
Fox Entertainment Group, Inc., 82 percent owned by The News Corporation Ltd., is principally engaged in the development, production and worldwide distribution of feature films and television programs, television broadcasting and cable network programming. Fox has total assets as of September 30, 2003 of approximately $24 billion and total annual revenues of approximately $11 billion. The company's studios, production facilities and film and television library provide high-quality creative content, and the company's broadcasting and cable networks provide extensive distribution platforms for the company's programs.
History from Encyberpedia and
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