InvestorsSeptember 27, 2000
Charter Communications, Inc. Announces Registration of Outstanding Shares
ST. LOUIS--(BUSINESS WIRE)--Sept. 27, 2000--Charter Communications, Inc. (Nasdaq:CHTR) today announced that approximately
5.7 million previously issued and outstanding shares of Class A common stock were registered by the Company for resale by holders as a result of a registration statement filed with the Securities and Exchange Commission that became effective on September 26, 2000. These shares, which were originally issued to certain sellers of cable television systems, primarily the Rifkin properties acquired by Charter in September 1999, were included in the 222.1 million shares of Charter Communications, Inc. outstanding as of June 30, 2000. This registration increases the number of Charter's publicly tradable shares from 195.5 million shares to approximately 201.2 million shares.
The Company had agreed at the time of these acquisitions to register these shares so that the holders would have freely tradable stock. At the request of the owners of these shares, Paul Allen, principal owner of Charter, will purchase the shares at a price of approximately $20 per share. The owners have the right to request such transactions until September 2001. Charter management does not believe that the holders are likely to sell their shares to other than Mr. Allen until the market price of Charter's stock exceeds the amount the shareholders could otherwise receive from Mr. Allen.
With 6.3 million customers, Charter Communications, a Wired World(TM) company, is among the nation's largest broadband communications companies. Charter offers an array of advanced broadband services, including cable television under the Charter Cable TV brand; advanced digital video programming services under the Charter Digital Cable(TM) brand; and high-speed Internet access via Charter Pipeline(TM). Charter's Class A common stock is traded on the Nasdaq National Market under the ticker symbol "CHTR." More information about Charter can be found on the Internet at www.chartercom.com.
Statements in this press release regarding Charter Communications' business that are not historical facts may be "forward-looking statements." Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in the reports and documents Charter files from time to time with the U.S. Securities and Exchange Commission.
|CONTACT:||Charter Communications, St. Louis|
|Anita Lamont, 314/543-2215 (media)|
|Mary Jo Moehle, 314/543-2397 (analysts)|