Today Telecom announced the Chairman designate of the New Telecom board and released its scheme booklet to shareholders.
Telecom proposes to separate its fixed line access infrastructure business, Chorus, to enable Chorus to take a leading role in the Ultra-fast Broadband (UFB) initiative. Following the demerger, "New Chorus" will be a stand-alone, separately listed company, and it will be the Crown's partner for approximately 70% of the UFB initiative.
Professional director and former corporate lawyer Mark Verbiest will succeed Wayne Boyd as Telecom Chairman from the date of the demerger, should the demerger proceed.
The demerger scheme booklet released today provides shareholders with the necessary information to allow them to vote on the demerger proposal, as well as a wide range of other documents.
The proposal will be put to shareholder vote at Telecom's annual meeting on Wednesday 26 October 2011, with all proxies required to have been received by Computershare by 10am NZ time on Tuesday 25 October.
If approved, and provided certain other conditions are met, Telecom expects to demerge Chorus by 30 November 2011.
For further details, see the Telecom media releases below:
If you have any questions, or want to discuss this further, please contact your Gen-i client manager.