Telecom Advised Of Verizon Sale
Telecom advised that late today it received a substantial security holder notice confirming that Verizon, the holder of
21.5% of the shares in Telecom, has agreed to sell the majority of its holding, namely 370 million shares (approximately
20%).
The stake has been sold to Merryl Lynch for itself and its customers.
Telecom immediately requested a brief trading halt on the Australian Stock Exchange to enable the transaction to go
ahead overnight, New Zealand time.
The New Zealand Stock Exchange has been informed. The advice from Verizon came after close of business on the New
Zealand Stock Exchange.
ENDS