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OMB APPROVAL
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person
Granton Gail E.
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(Last) (First) (Middle)
c/o Pacific Gateway Exchange 533 Airport Blvd. Suite 505
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(Street)
Burlingame California 94010
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Pacific Gateway Exchange, Inc. (NASDAQ/NMS: PGEX)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
51077761
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4. Statement for Month/Year
September 1997
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5. If Amendment, Date of Original
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[ X ] Director [ ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Executive Vice President
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
2. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
Transaction Code ------------------------------- Owned at End (D) or Indirect
1. Date (Instr. 8) (A) of Month Indirect Beneficial
Title of Security (Month/ ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) Day/Year) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock 9/2/97 S 1,200 D 36.0
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848,318 D
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4,000 I (1)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1474 (8-92)
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(1) Represents shares owned by the Granton Foundation, a charitable trust established by Ms. Granton of which she is the trustee.
</TABLE>
Page 1
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option
(Right to Buy) $8.50 9/30/95 (No Change) 9/30/96 9/30/00 Common 16,470 1/ 16,470 D
Option
(Right to Buy) $8.50 9/30/95 (No Change)12/31/96 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 3/31/97 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 6/30/97 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 9/30/97 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change)12/31/97 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 3/31/98 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 6/30/98 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 9/30/98 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change)12/31/98 9/30/00 Common 4,117 1/ 4,117 D
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</TABLE>
Page 2
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FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option
(Right to Buy) $8.50 9/30/95 (No Change) 3/31/99 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 6/30/99 9/30/00 Common 4,117 1/ 4,117 D
Option
(Right to Buy) $8.50 9/30/95 (No Change) 9/30/99 9/30/00 Common 4,125 1/ 4,125 D
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Explanation of Responses:
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1/ Options granted pursuant to the Company's 1995 Stock Option Plan.
/s/ Gail Granton 10/8/97
**Signature of Reporting Person Date
(Authorized Signer)
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
SEC 1474 (8-92)
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