Menu
Business

Shareholders keen on $11b deal

TELSTRA shareholders have voted overwhelmingly to approve plans for the telco to hand back its copper network to the government for $11 billion, according to a partial survey of votes.

The vote was 99.1% in favour and 0.55% against in a preliminary vote released shortly after midday, AEDT, today.  The result was based on 6.34 billion votes received in advance, predominantly from institutional shareholders.

About 40 per cent of Telstra's shareholders are so-called mum and dad shareholders, with the remaining 60 per cent of shares held by institutional investors, hence the importance of the preliminary figures.

Telstra shares rose to their highest in more than 14 months yesterday, gaining as much as 6 cents, or 1.9 per cent, to $3.17. The shares are up about 13 per cent this year compared with a drop of 11 per cent in the broader market.

Shareholders lodged 6.43 billion proxy and advanced votes in favour of the deal, and just 4 million against the resolution, which was discussed and voted on before other matters at today's Telstra annual general meeting.

> > Read more at brisbanetimes.com.au

Topics:  shareholders telstra


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Discover a land before time

FLASH BACK: The Central Highlands were once home to multitudes of volcanos, spread over the plains.

Go on a journey through the land before time with Peter Grigg.

Race day to help locked out miners

No Caption

Moranbah race day held to help raise funds for locked out miners.

On the verge of history

Brooks Pleasure, won Race 1 at Callaghan Park.

Brook's Pleasure is making history at Callaghan Park.

Local Partners