A newly-demerged Telecom reported an adjusted net profit of
$240 million for the first half to December 31, up 51
percent, and said it would buy back $300m worth of shares
More than 100 primary schools in Otago have begun their
school year with a stock of new library books donated by
Telecom and Scholastic.
A period of relative calm awaits Telecom in 2012, Craigs
Investment Partners broker Chris Timms says.
The new chief executive of Telecom would need to follow the
lead set by Paul Reynolds of being open and honest to
shareholders, Craigs Investment Partners broker Chris Timms
Telecom is to review its capital structure - having split
from its New Chorus network business last week - in order to
maintain a crucial "A-band" credit rating.
The shares of a split Telecom - into New Chorus and New
Telecom - debuted on the New Zealand stock exchange
yesterday, both trading well as investors topped up their
The Telecom demerger
and company split begins today on the Australian stock
exchange and on the New Zealand exchange on Wednesday.
The world's largest asset management company, United
States-based Black Rock, has grabbed a 5%, $250 million stake
in Telecom after 16 of its global subsidiary companies
purchased shares recently.
Telecom has admitted breaching the Fair Trading Act after
misleading customers about the amount of broadband they used.
Telecom is appealing a ruling that saw it slapped with a
massive $12 million fine last year for breaching the Commerce
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