SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED PURSUANT IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
(Amendment No. 1)1/
PACIFIC GATEWAY EXCHANGE, INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
69432710
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(CUSIP Number)
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1/ The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
<PAGE>
CUSIP No. 69432710 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Gail E. Granton SS# ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5 SOLE VOTING POWER 1,018,687
SHARES -----------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER -0-
OWNED BY EACH -----------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER 926,591
PERSON WITH -----------------------------------------------------------
8 SHARED DISPOSITIVE POWER 14,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,018,687
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.4%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 3 of 5 Pages
Item 1(a). Name of Issuer: PACIFIC GATEWAY EXCHANGE, INC.
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Item 1(b). Address of Issuer's Principal Executive Offices: 533 Airport
Blvd., Suite 505, Burlingame, California 94010
Item 2(a). Name of Person Filing: Gail E. Granton.
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Item 2(b). Address of Principal Business Office or, if None, Residence:
533 Airport Blvd., Suite 505, Burlingame, California 94010
Item 2(c). Citizenship: United States of America.
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Item 2(d). Title of Class of Securities: Common Stock
Item 2(e). CUSIP Number: 69432710
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Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a: Not applicable,
filed pursuant to Rule 13d-1(c)
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19)
of the Act,
(d) [ ] Investment Company registered under Section 8 of
the Investment Company Act,
(e) [ ] Investment Adviser registered under Section 203
of the Investment Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee Retirement
Income Security Act of 1974 or Endowment Fund; see
13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company, in accordance with Rule
13d-1(b)(ii)(G); see Item 7,
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
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Page 4 of 5 Pages
Item 4. Ownership: As of December 31, 1997, Gail E. Granton
beneficially owned an aggregate of 1,018,687 shares of Common
Stock of the Company which represented approximately 5.4% of
the outstanding shares. The shares beneficially owned by Ms.
Granton include 41,177 shares issuable upon the exercise of
stock options that are either currently exercisable or will
become exercisable within 60 days. The shares beneficially
owned by Ms. Granton also include (1) 14,000 shares held by the
Granton Foundation, a charitable trust of which she is the
trustee, and (2) 78,096 shares held by an exchange fund. Such
shares held by the Granton Foundation and the exchange fund are
subject to an irrevocable proxy granting Ms. Granton the right
to vote such shares. As such a proxy holder, Ms. Granton may be
deemed to be the beneficial owner of such shares, but Ms.
Granton disclaims beneficial ownership of all such shares.
Item 5. Ownership of Five Percent or Less of a Class: Not Applicable.
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Item 6. Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company: Not Applicable.
Item 8. Identification and Classification of Members of the Group: Not
Applicable.
Item 9. Notice of Dissolution of Group: Not Applicable.
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Item 10. Certification: Not Applicable.
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Page 5 of 5 Pages
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true,
complete and correct.
Date: 2/13/98 Gail E. Granton
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Gail E. Granton
