My understanding is that we will vote on the restructure, not on any sale/float, but the restructure will help facilitate any sale or float, separate accounting, independent management etc.
Shareholders own the holding company, and the holding company own the subsidiaries, when a subsidiary is sold the holding company (owned by us) gets the proceeds. Its only if one is floated would it get its own ticker.
They mention they will canvasing offers for Infraco Towers, so thats like to be a sale to a super fund, or private investors, i think floating is way more complex, so would have extra costs associated with it.
(I recently learnt that Australian Super funds are worth more than the entire market cap of the ASX)
Ann: Update on Telstra's proposed legal corporate restructure, page-7
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