KEY POINTS:
Telecom says it has cancelled 228 million shares in its capital return of $1.11 billion to shareholders, leaving the company with 1.82 billion shares.
The return saw the cancellation of one ordinary share in every nine held on the record date, which was last Friday.
Each Telecom shareholder is being paid $4.88 for every ordinary cancelled share.
The cancellation follows the $2.24 billion sale of Telecom's Yellow Pages group in March.
Telecom shares were up 1c in late morning trade to $4.28.
- NZPA
