Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Telecom Undertakes Share Placement

Telecom New Zealand announced today that overnight it has entered into arrangements to raise NZ$500 million in new equity through a placement of 91 million new ordinary shares with institutional investors in New Zealand, Australia and internationally.

The Company has agreed to issue the new shares at a price of NZ$5.50 per share. These shares will rank equally with existing Telecom shares.

Chief Financial Officer Marko Bogoievski said Telecom has taken an opportunity to raise new equity and strengthen its balance sheet.

“This is a prudent course for the Company as we invest for growth,” Mr Bogoievski said. “A share placement of this type is currently the most efficient means of strengthening our balance sheet and ensuring Telecom has the financial flexibility to support its growth strategies. The proceeds will be used to repay short-term debt.”

The shares in the placement have not been, and will not be, registered under the United States Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>


Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>


Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>