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4-Traders Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Spark New Zealand Ltd    SPK   NZTELE0001S4

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Telecom Corp of New Zealand : Demerger tax ruling for United States shareholders

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09/28/2011 | 03:35am CEST
STOCK EXCHANGE ANNOUNCEMENT

September 28, 2011

Demerger tax ruling for United States shareholders

Telecom is pleased to announce that it has received a private letter ruling from the United States Internal Revenue Service to the effect that the Demerger will qualify as a tax-free distribution to US holders of Telecom shares or Telecom American Depositary Shares for US federal income tax purposes subject to the various qualifications set out in the attached statement.

Further details of this ruling are set out in that attached statement which should be read carefully. This statement updates section 12.4 of the Scheme Booklet which was published on 13 September 2011, prior to the receipt of the private letter ruling.

- ends –

Contact:

For media queries, please contact: Ian Bonnar

Corporate Communications Manager

+64 (0) 27 215 7564

For investor enquiries, contact: Mark Laing

GM Capital Markets

+64 (0) 27 227 5890

Private Letter Ruling Received from United States Internal Revenue Service

Telecom has received a private letter ruling from the United States Internal Revenue Service (the “IRS”) to the effect that the Demerger will qualify as a tax-free distribution to US holders (as defined in the Scheme Booklet, dated September 13, 2010, relating to the Demerger) of Telecom shares or Telecom American Depositary Shares (“ADSs”), for US federal income tax purposes, under Section 355 of the Internal Revenue Code of 1986, as amended (the “US Tax Code”). The private letter ruling provides that, for US federal income tax purposes:

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Financials ( NZD)
Sales 2017 3 530 M
EBIT 2017 572 M
Net income 2017 382 M
Debt 2017 838 M
Yield 2017 6,40%
P/E ratio 2017 18,69
P/E ratio 2018 17,43
EV / Sales 2017 2,27x
EV / Sales 2018 2,24x
Capitalization 7 182 M
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Mean consensus HOLD
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Average target price 3,59  NZD
Spread / Average Target -8,6%
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NameTitle
Simon Paul Moutter Managing Director & Executive Director
Mark John Verbiest Non-Executive Chairman
Mark Beder Chief Operating Officer
Jolie Hodson Chief Financial Officer
Charles Sitch Independent Non-Executive Director
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