Telecom mops up AAPT shareholders

Tuesday 15th August 2000

Telecom has announced this morning that it intends to make a takeover offer for the 20% of shares in AAPT that it does not already own. The offer is for A$7.25 cash for each AAPT share - a 23% premium to AAPT's closing price on Monday.

The shares will be bought through Telecom's wholly owned subsidiary TCNZ Australia Investments Pty Ltd. The offer has a number of conditions that include approval by the Australian Treasurer under the Foreign Acquisitions and Takeovers Act and that the All Ordinaries Index of the ASX does not fall below 2785 between the period 15/08/2000 until the end of the offer.

Telecom CEO Theresa Gattung said that a bidder's statement together with formal offers will be sent to the minority shareholders shortly.

Telecom shares reacted badly to the news, immediately dropping on the NZSE.

Telecom also announced its annual results this morning. Net earnings for the year were $783 million, with a fourth-quarter dividend of 11.5cps. A full report on Telecom's annual result will be on ShareChat later today.

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