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- Release Date: 12/04/12 10:32
- Summary: GENERAL: CNU: Chorus issues its first securities to CFH
- Price Sensitive: No
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CNU
12/04/2012 08:32
GENERAL
REL: 0832 HRS Chorus Limited (NS)
GENERAL: CNU: Chorus issues its first securities to CFH
Chorus has issued its first debt and equity securities to Crown Fibre
Holdings (CFH), for some 3,400 premises passed with the new Ultra-fast
Broadband (UFB) network in Auckland's Albany and Rosebank areas.
In line with its UFB agreement, Chorus expects to regularly issue securities
to CFH as the fibre network becomes available for New Zealand homes and
businesses to connect to.
Chorus received $3,893,994 from CFH and issued 1,946,997 equity securities
and 1,946,997 debt securities for its first two UFB network stages. Chorus
also issued 83,254 CFH warrants for nil consideration. Approximately $929m
of funding is available to Chorus for the UFB network until the end of 2019.
Under Chorus' agreement with CFH, the number of securities that Chorus issues
are calculated on the basis of $1,118 for each premise that it passes with
the UFB network. These securities have an issue price of $1 and are issued
on a 50:50 basis. For each premise passed, $559 of equity securities and
$559 of debt securities are issued.
Further information regarding these securities is set out on pages 139 - 142
of the demerger scheme booklet dated 13 September 2011:
http://media.corporate-ir.net/media_files/IROL/91/91956/SchemeBooklet.PDF
Chorus will issue many more securities to CFH over the next eight years and
each time securities are issued the relevant stock exchange will be
appropriately notified. As this now becomes a regular part of its UFB
routine, Chorus will not issue further media statements announcing each
subsequent issuance.
END.
For further information:
Robin Kelly
Chorus External Media Manager
Mbl: 027 655 5139
Email: [email protected]
End CA:00221744 For:CNU Type:GENERAL Time:2012-04-12 08:32:34
