CNU
28/01/2016 08:34
GENERAL
PRICE SENSITIVE
REL: 0834 HRS Chorus Limited (NS)
GENERAL: CNU: Chorus confirms that it will not initiate appeals on FPP
STOCK EXCHANGE ANNOUNCEMENT
28 January 2016
Chorus confirms that it will not initiate appeals on FPP
Chorus has today confirmed that it will not initiate any legal appeals on the
final FPP pricing of copper services.
The Commerce Commission announced its final determination of the pricing of
copper services on 15 December 2015, and the deadline for any party to lodge
an appeal will pass on 3 February 2016.
"After full consideration of all facets of the final determination, the
Chorus Board has elected not to appeal the decision, despite disagreeing with
some key elements such as the lack of backdating," said Chorus Chairman,
Patrick Strange.
"While we are aware that some investors feel there may be merit in further
testing aspects of the determination in court, it is the strong view of the
Board and Management that the best long-term value for our shareholders and
customers will be achieved through the industry focussing on bringing New
Zealand better broadband.
"We do not believe this can be achieved in an environment of continued
regulatory uncertainty and appeal. We hope all other industry participants
also elect to put this difficult phase behind us, and focus on working
together to deliver value to New Zealanders.
"If other parties file appeals of the Commission decision, Chorus is likely
to cross-appeal.
"Our focus now is on the Government's regulatory review, with the aim of
ensuring there is a more stable and predictable framework that sets the
industry up for success, by aligning the interests of consumers and our
investors. We must not repeat the major market distortions of the last four
years.
"Long term predictability and certainty are essential if New Zealand is to
continue to benefit from investment in world class networks," he said.
ENDS
For further information:
Nathan Beaumont
Stakeholder Communications Manager
Mobile: +64 (21) 243 8412
Email: [email protected]
Brett Jackson
Investor Relations Manager
Mobile: +64 (27) 488 7808
Email: [email protected]
End CA:00276895 For:CNU Type:GENERAL Time:2016-01-28 08:34:21
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
