the form of a dividend in the common stock.

On March 9 each shareholder will receive one additional share for each share owned on the record date of February 16. After the distribution Global Crossing will have about 411 million shares outstanding.

Global Crossing is building and operating what it calls the world's first independent global fibre optic network from its headquarters in Bermuda. The company has built the Atlantic Crossing between North America and Europe and is currently constructing other segments of the world-wide network.

Since the company issued an initial public offering in August last year at $19 the stock has shot up to $56.