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Telecom shares up after Chorus split

Telecom shares have risen 2 percent to $2.03 following the completion of its demerger from Chorus.

Telecom shares have risen 2 percent to $2.03 following the completion of its demerger from Chorus.

Chorus yesterday announced it had secured a $1.35 billion syndicated bank facility, which chief financial officer Andrew Carroll said would allow the company to get on building its fibre network with greater funding certainty.

Chorus shares are trading at $3.29, up from a listing price of $2.94 last week.

The Commerce Commission has published a list of Chorus' wholesale customers, which can be found here.

Telecom has also confirmed the appointment of its new chairman and board members.
 

Chairman Mark Verbiest is joined on the board by new appointees Charles Sitch, Justine Smyth, Maury Leyland and Paul Berriman.  Murray Horn, Kevin Roberts and Paul Reynolds will remain on the Telecom board.
 
Wayne Boyd, Ron Spithill and Sue Sheldon have stepped down from Telecom’s board, with Sheldon taking up a role as chair of Chorus.
 
“We can now look forward to two fresh and dynamic companies each having their role to play in the delivery of world class telecommunications throughout New Zealand," Telecom chief executive Paul Reynolds said.