Business Services Industry
AUSTRALIA'S TELSTRA SHARE BUYBACK FACES OVERWHELMING DEMAND.
AsiaPulse News, November, 2003
SYDNEY, Nov 24 Asia Pulse - Some investors wanting to participate in Telstra Corp Ltd's (ASX:TLS) A$1 billion (US$723 million) off-market share buyback have been left disappointed with the final offer scaled-back because of the massive popularity.
Telstra said today a total 238,230,580 shares would be bought back at A$4.20 a share, the lowest price it had offered in a range up to A$5.40.
About 1.8 per cent of Telstra shares on issue are now set to return to company hands with the federal government, the company's biggest stakeholder with 50.1 per cent, declining to take part in the buyback.
Telstra chief financial officer John Stanhope said the buyback was more than two and a half times oversubscribed at A$4.20, requiring the larger tenders to be...
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