Business Services Industry
T2 shares best off in buyback.
Australasian Business Intelligence, October, 2003
Oct 05, 2003 (The Age - ABIX via COMTEX)
The biggest beneficiaries of Telstra's share buyback will be shareholders paying low tax. However, analysts said that shareholders who bought Telstra shares in the second tranche offer in 1999 at $A7.40 a share will still be sitting on a loss, despite the tax-effective $A800m to $A1bn share buyback announced by Australia's largest telco on 3 October 2003. Telstra said that following an arrangement with the Australian Taxation Office, the first $A1.50 will be deemed capital and the balance a fully franked dividend. Shareholders will be able to tender their shares at a price range set between $A4.20 and $A5.40. A three-week tender period will begin on 3 November 2003. Telstra shares closed at $A4.99 on 3 October 2003, up...
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