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Telecom Capital Return - Shares Cancelled
Telecom Capital Return - Shares Cancelled
Telecom Corporation of New Zealand Limited said today that it has now cancelled 1 in every 9 shares held by each Telecom shareholder on the record date for the capital return (21 September 2007), resulting in the cancellation of 228,050,091 shares.
The cancellation has reduced Telecom’s total issued shares from 2,052,458,423 to 1,824,408,332.
Based on shareholdings as at the record date and the repayment of NZ$4.88 per cancelled share, shareholders will receive a total of NZ$1,112,884,444.08.
Australian shareholders will receive approximately AUD$4.17 per cancelled share (based on a NZD/AUD exchange rate of 0.85594).
Payment will be made on 5 October (for shareholders) and 12 October (for American Depositary Receipt holders).
*NYSE ex dates* Telecom has been advised by NYSE that the "ex date" for the cash distribution to ADR holders as part of the capital return was 19 September, not 25 September as had been anticipated. The “ex date” for the issue of 42.2% more ADRs remains 25 September as previously advised.
ENDS
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