Telecom extends AAPT takeover date

On the 10th of October Telecom says its wholly owned subsidiary, TCNZ Australia Investments, controlled 86% of the shares in AAPT. That leaves a 4% shortfall from the 90% it needs to move to compulsory acquisition.

Telecom is warning AAPT shareholders that if their shares are compulsorily acquired they may not receive payment until up to six weeks or more after the close of the offer, and it is likely that the liquidity of AAPT shares will fall and AAPT could be de-listed.

However it says if by midday on Wednesday October 18th it has received sufficient acceptances so that it will hold 90% of the shares in AAPT and can proceed to compulsory acquisition, it will declare its offer unconditional.

AAPT shareholders who send acceptances in before then are being promised payment within five days after that date. Acceptances received on or after October 18th will be paid within five days after they are received.

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