About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds Other Sites:   sharetrader.co.nz  |   stockguru.co.nz
 
sharemarket
NZX 50 Index 3082.48 0.00
S&P/ASX 200 4532.70 37.00
Dow Jones Industrials 10320.10 50.60
rss  Twitter    rss  Facebook    rss  RSS

Telecom sells AAPT

Friday 30th July 2010

Text too small?

Telecom has finally rid itself of its struggling Australian retail business, confirming it sold the consumer division of its AAPT unit for A$60 million to iiNet.

The phone company also sold its 18.2% stake in iiNet for A$70 million, about A$11 million below the carrying value as at June 30. Yesterday, Telecom also announced the sale of a small stake in ASX-listed listed business phone services company Macquarie Telecom for A$9.9 million.

That leaves Telecom’s AAPT with wholesale customers for its network infrastructure, and ends a disastrous foray across the ditch that forced it to write down the value of the asset by some NZ$1.7 billion. The company previously failed to find any buyer interest in the business it progressively acquired starting in 2000.

“These transactions rationalise non-core assets, strengthen Telecom’s financial position and help reposition AAPT’s operations into a focused, network-centric wholesale and corporate business,” chief executive Paul Reynolds said in a statement.

The shares rose 1 cent to a two-month high of $2.01 after the trading halt ended.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

ComCom appeal against Telecom unsatisfactory
Telecom likely to get regulatory freedom on resale services
Telecom would cut spending to fund UFB plan
Telecom lifts 4Q underlying earnings
McGeoch retires from Telecom board
TelstraClear no competition for Telecom
Telecom placed on credit watch negative
Regulatory relief key to Telecom UFB package: Reynolds
Telecom demerger formally on the table in new UFB bid
Telecom in trading halt as AAPT sale looms

Get quotes for Telecom Corporation of New Zealand Limit (TEL)
NZX Annoucements for TEL
31 Aug 2010 GENERAL: TEL: Telecom Corporate Review 2010
31 Aug 2010 MEETING: TEL: NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
31 Aug 2010 DIVIDEND: TEL: Telecom advised change to NZX 4th quarter Ex Date
30 Aug 2010 RELINT: TEL: Officer Initial Disclosure - Olson
25 Aug 2010 OFFICE: TEL: Nick Olson Appointed Telecom CFO
23 Aug 2010 ALLOT: TEL: Allotment of securities
20 Aug 2010 ANNREP: TEL: Telecom Annual Report
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - KPMG Audit Report
20 Aug 2010 APPNDX7: TEL: Telecom Q4 results - Appendix 7
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - Appendix 1
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - Condensed accounts
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - Investor presentation
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - Management commentary
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - Media release
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - One page summary
20 Aug 2010 FLLYR: TEL: Telecom Q4 results - One liner
10 Aug 2010 DIRECTOR: TEL: Rod McGeoch to Retire From Telecom Board
5 Aug 2010 CREDIT: TEL: S&P puts Telecom on creditwatch negative
2 Aug 2010 GENERAL: TEL: Telecom Delivers on Fibre
30 Jul 2010 HALT: TEL: Trading Halt Of Securities Lifted
30 Jul 2010 ASSET: TEL: Telecom announces sale of AAPT Consumer and iiNet stake
30 Jul 2010 HALT: TEL: Telecom Corporation of New Zealand - Trading Halt Request
30 Jul 2010 HALT: TEL: Trading Halt Of Securities
29 Jul 2010 ASSET: TEL: Telecom Announces Sale of Stake in Macquarie Telecom
27 Jul 2010 MEETING: TEL: Notification of Closing Date for Director Nominations
13 Jul 2010 FORECAST: TEL: Tax law changes increase Telecom's tax
6 Jul 2010 RELINT: TEL: Officer Disclosure - Brian Hall
5 Jul 2010 RELINT: TEL: Officer Disclosure - Nicholas Clarke
1 Jul 2010 GENERAL: TEL: Officer Disclosure - Matt Crockett
30 Jun 2010 GENERAL: TEL: Telecom magazine
28 Jun 2010 DIRECTOR: TEL: Wayne Boyd confirms commitment to Telecom
21 Jun 2010 DIRECTOR: TEL: Sue Sheldon appointed as independent Telecom director
21 Jun 2010 DIRECTOR: TEL: Sue Sheldon appointed as independent Telecom director
16 Jun 2010 COMCOM: TEL: CCOM recommends regulation
14 Jun 2010 ALLOT: TEL: Allotment of Securities
4 Jun 2010 ALLOT: TEL: Allotment of Securities
28 May 2010 GENERAL: TEL: Change to Telecom's Operational Separation Undertakings
27 May 2010 ADDRESS: TEL: Investor Day Presentations
27 May 2010 ADDRESS: TEL: Investor Day Presentations
24 May 2010 CREDIT: TEL: S&P Puts Telecom On Negative Outlook
24 May 2010 GENERAL: TEL: Telecom Focuses on Fibre Future
19 May 2010 SSH: TEL: SSH (Commonwealth Bank of Australia and Subsidiaries)
18 May 2010 OFFICE: TEL: Telecom announces resignation of Russ Houlden
18 May 2010 COMCOM: TEL: New requirements for TEL's regulatory financial statements
11 May 2010 ALLOT: TEL: Allotment of Securities
11 May 2010 RELINT: TEL: Officer Disclosure - Houlden
7 May 2010 APPNDX7: TEL: Telecom Q3 results - Appendix 7
7 May 2010 QUARTER: TEL: Telecom Q3 results - condensed accounts
7 May 2010 ADDRESS: TEL: Telecom Q3 results - investor presentation
7 May 2010 QUARTER: TEL: Telecom Q3 results - management commentary
7 May 2010 QUARTER: TEL: Telecom Q3 results - media release
7 May 2010 QUARTER: TEL: Telecom Q3 results - one page summary
7 May 2010 QUARTER: TEL: Telecom Q3 results - one liner
16 Apr 2010 CREDIT: TEL: Fitch downgrades Telecom credit rating
16 Apr 2010 COMCOM: TEL: VDSL decision confirmed by Commerce Commission
15 Apr 2010 GENERAL: TEL: Telecom revises financial guidance & updates on regulation
15 Apr 2010 HALT: TEL: Trading Halt of Securities Lifted
15 Apr 2010 GENERAL: TEL: Telecom revises financial guidance & updates on regulation
15 Apr 2010 HALT: TEL: Trading Halt Of Securities
12 Apr 2010 OFFICE: TEL: Matt Crockett to leave Telecom
8 Apr 2010 GENERAL: TEL: Media Release - Telecom Statement on TSO judgment
7 Apr 2010 ALLOT: TEL: Allotment of Securities
30 Mar 2010 SSHO: TEL: RECENT SUBSTANTIAL SECURITY HOLDER NOTICES: MACQUARIE GROUP
24 Mar 2010 INTERIM: TEL: Telecom Corporation of New Zealand Ltd Half Yearly Report
18 Mar 2010 SSH: TEL: SSH (AXA SA ("AXA"), AXA Asia Pacific Holdings)
17 Mar 2010 SSH: TEL: SSH (BlackRock Investment Management (Australia) Limited)
16 Mar 2010 FORECAST: TEL: Earnings Impact - Rural Telecommunications announcement
16 Mar 2010 GENERAL: TEL: Rural telecommunications plans finalised
16 Mar 2010 SSH: TEL: SSH (National Australia Bank Limited)
16 Mar 2010 SSH: TEL: SSH (National Australia Bank Limited)
12 Mar 2010 ALLOT: TEL: Allotment of Securities
8 Mar 2010 SSHO: TEL: Disclosure of ceasing to have substantial holding
5 Mar 2010 SSHO: TEL: Notice of change of interests of substantial holder
5 Mar 2010 ALLOT: TEL: Allotment of Securities
4 Mar 2010 SSH: TEL: SSH (BlackRock Investment Management (Australia) Limited)
1 Mar 2010 RELINT: TEL: Initial Disclosure Notice - Officer (David Havercroft)
24 Feb 2010 ALLOT: TEL: Allotment of Securities
23 Feb 2010 GENERAL: TEL: XT announcement
23 Feb 2010 OFFICE: TEL: Frank Mount Resignation
22 Feb 2010 COMCOM: TEL: Recommendation on mobile termination delivered to Minister
12 Feb 2010 APPNDX7: TEL: Telecom Q2 results - Appendix 7
12 Feb 2010 HALFYR: TEL: Telecom Q2 results - Appendix 1
12 Feb 2010 HALFYR: TEL: Telecom Q2 results - condensed accounts
12 Feb 2010 ADDRESS: TEL: Telecom Q2 results - investor presentation
12 Feb 2010 HALFYR: TEL: Telecom Q2 results - management commentary
12 Feb 2010 HALFYR: TEL: Telecom Q2 results - media release
12 Feb 2010 HALFYR: TEL: Telecom Q2 results - one liner
12 Feb 2010 HALFYR: TEL: Telecom Q2 results - one page summary
11 Feb 2010 SSHO: TEL: Disclosure of beginning to have substantial holding
3 Feb 2010 ALLOT: TEL: Allotment of Securities
2 Feb 2010 GENERAL: TEL: Telecom announces goodwill gesture
29 Jan 2010 GENERAL: TEL: Telecom to put forward powerful proposition on fibre
18 Jan 2010 SSH: TEL: SSH (BlackRock Investment Management (Australia) Limited)
18 Jan 2010 SSH: TEL: SSH (BlackRock Investment Management (Australia) Limited)
12 Jan 2010 COMCOM: TEL: TEL admits breaching Fair Trading Act - pays back $9.5m
 
Telecom Corporation of New Zealand Limited (NS) Ord Shares

Current quote:
TEL $2.05 +2
Quotes delayed 20 minutes
Price when article published: $2.00

Previous News

Stocks to watch: Burger Fuel, Fisher & Paykel, Nuplex

Kiwi holds gains as US data buoys risk appetite

While you were sleeping: Outlook a bit brighter

Fairfax appoints two new directors

MARKET CLOSE: NZ stocks buoyed by offshore sentiment

Big Three womens' mag publishers become Big Two

Pyne Gould's Perpetual unit in talks to buy Aegis WRAP platform

Fonterra hires NZX to design share trading platform

High Court throws out Bridgecorp chairman's appeal

Regulator accuses freight forwarders of price fixing

Sharemarket News By Email
AM Update (daily) - View sample
News Alerts - View sample
After the Bell (daily) - View sample

More info - RSS feeds - Unsubscribe/Update

Stock Quote
Exchange:
Stock Code:
Don't know the stock code? Search by keyword:
Keyword:
At a Glance
NZX 50 Index 3082.48 0.00
S&P/ASX 200 4532.70 37.00
Dow Jones Industrials 10320.10 50.60
Comment & Analysis

“ Now, the government has an economic story to tell. By reframing as a national savings issue the sterile debates about superannuation, privatisation, private foreign debt levels and the sale of farmland to foreigners, the potential is there to de-fang several political bugbears at once. There is a compelling simplicity, too, to the [...] ”
Pattrick Smellie  More »

Pattrick Smellie
  forex centre
cfd centre
options centre
NZX 15 Index
AIA 2.03 0.00
APT 0.74 0.00
CEN 5.67 0.01
FBU 7.70 0.02
FPH 2.98 0.00
GMT 0.94 0.01
IFT 1.68 0.00
KIP 0.97 0.01
NPX 3.20 0.00
NZO 1.21 0.01
RYM 2.06 0.00
SKC 2.95 0.00
SKT 5.07 0.03
TEL 2.05 0.02
VCT 2.08 0.00

More market prices »

NZX Announcements

JWI - Preliminary Full Year Report and Release for 30 June 2010 »

NZX - NZX Buy-Back of Ordinary Shares »

FNZ - FNZ NTA 02-09-2010 $1.25607 »

MDZ - MDZ NTA 02-09-2010 $2.14138 »

TNZ - TNZ NTA 02-09-2010 $0.83002 »

FPH - Disclosure of Director & Officers Relevant Interests »

More NZX Market Announcements »

© Copyright 2010 Tarawera Publishing Limited. All Rights Reserved.