Details emerge on Telecom NZ structural separation

Tuesday, 26 July, 2011

Telecom New Zealand has released specifics of its proposed structural separation, which would allow its infrastructure business, Chorus, to participate in the country’s Ultra-Fast Broadband (UFB) initiative.

The company previously announced that it intends to separate its infrastructure department, Chorus, into a stand-alone business, ‘New Chorus’, via a demerger.

Such a demerger would allow New Chorus to participate in New Zealand’s UFB. The proposal is still subject to shareholder and bondholder approval.

Today, Telecom NZ released documents containing details of the demerger: an Asset Allocation Plan (AAP) and the Deeds of Open Access.

The AAP, which is subject to governmental approval, details the assets and liabilities that would be transferred from Telecom NZ to New Chorus. It also explains the associated commercial sharing arrangements between New Telecom NZ and New Chorus.

The AAP can be accessed at Telecom NZ’s Investor Centre.

The Deeds of Open Access will replace Telecom NZ’s Undertakings on Operational Separation if the demerger takes place.

They are intended to uphold the principles of non-discrimination and equivalence that were put in place during operational separation.

The deeds are available at the website of New Zealand’s Ministry of Economic Development.

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