TELECOM TO REDUCE NUMBER OF OUTSTANDING SHARES

News General New Zealand 9 FEB 1994
TELECOM TO REDUCE NUMBER OF OUTSTANDING SHARES
Telecom has been allowed by the New Zealand High Court to cancel one fifth of its outstanding shares, paying shareholders NZDlr1/share cancelled. Around 472 mil of the 2.4 bil shares will be cancelled by 07 March 1994. The move will enable the firm to restructure and use capital resources more efficiently, according to Peter Shirtcliffe, chairman.

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