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- Release Date: 24/02/12 10:30
- Summary: BUYBACK: TEL: Share Buyback DRP Programme
- Price Sensitive: No
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TEL
24/02/2012 08:30
BUYBACK
REL: 0830 HRS Telecom Corporation of New Zealand Limited
BUYBACK: TEL: Share Buyback DRP Programme
Market Information Services Section
NZX Limited
Wellington
24 February 2012
Share Buyback Programme
Telecom Corporation of New Zealand Limited ("Telecom") announces that it will
undertake an on-market buyback of its ordinary shares. The purpose of the
share buyback is to acquire an equivalent number of ordinary shares as will
be issued pursuant to Telecom's dividend reinvestment plan ("Plan") for the
dividend of 9.0 cents per ordinary share payable on Thursday, 5 April 2012.
The share buyback is intended to eliminate an increase in capital arising
under the Plan and any consequential dilutionary effect for existing
shareholders.
Share purchases may occur from Wednesday, 21 March 2012 and may continue for
a period not exceeding 6 weeks.
Ordinary shares will be acquired on the New Zealand Stock Market ("NZSX").
Telecom may acquire up to 15 million of its ordinary shares in this buyback,
although it anticipates that the number of shares it will actually acquire,
based on current market prices and historic participation rates in the plan,
to be closer to 5 million shares.
Yours faithfully
Tristan Gilbertson
Group General Counsel & Company Secretary
End CA:00219946 For:TEL Type:BUYBACK Time:2012-02-24 08:30:03
