KEY POINTS:
Telecom said it would today file documents at the High Court in relation to its planned $1.1 billion capital return to shareholders.
The return is by way of a court- and shareholder-approved scheme of arrangement.
Telecom is seeking interim orders, and if they are granted, would hold a special meeting in mid-August for shareholders to approve the return.
The scheme of arrangement would cancel one in nine ordinary shares on a pro-rata basis in exchange for $4.88 for each cancelled share.
It is anticipated that the capital return will be completed in October.
Telecom shares were down 11c to $4.61 in mid-afternoon trading today.
- NZPA
