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TELSTRA GROUP LIMITED Capital/Financing Update 2011
65927_rns_2011-01-26_d2ee44a9-df5a-4e83-81d1-5073c43f3744.pdf
Capital/Financing Update
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FACSIMILE
| TO. | ASX. | ||
|---|---|---|---|
| DATE | 26 January 2011 | PAGES (inc. this one) 3 | |
| FROM | Jackie Stojanoski | FAX NUMBER | 1300 135 638 |
| SUBJECT | ASX Announcement - Reach asset restructure to drive shareholder value |
Dear Sir or Madam
In accordance with the listing rules, I attach a copy of an announcement for release to the market.
Regards
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Carmel Mulhern Company Secretary
26 January 2011
The Manager
Company Announcements Office Australian Securities Exchange 4th Floor, 20 Bridge Street SYDNEY NSW 2000
Office of the Company Secretary
Level 41 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA
General Enguiries 08 8308 1721 Facsimile 03 9632 3215
ELECTRONIC LODGEMENT
Dear Sir or Madam
Reach asset restructure to drive shareholder value
In accordance with the listing rules, I attach a copy of an announcement for release to the market.
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Regards
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Carmel Mulhern Company Secretary
MEDIA RELEASE
Reach asset restructure to drive shareholder value
26 January 2011 - Telstra and PCCW today signed an agreement to restructure the assets in their 50/50 joint venture, Reach, as part of an ongoing review of the company's Asian assets to drive shareholder value.
The restructure will result in a division of the majority of Reach's international assets between Telstra and PCCW. Reach will continue to manage the remaining joint assets, which are predominantly located in Hong Kong.
The restructure will give Telstra International Group greater control over the platform used to deliver end-to-end services, improving the quality of service offered to enterprise and global service provider customers. The structural changes to Reach are expected to be completed during the first half of 2011 by the management of Telstra International Group, PCCW and Reach.
As a result of this restructure, Telstra anticipates recognising an accounting gain of \$50m on signing and a further \$80m to \$100m on completion.
Media contact: David Aitken (Hong Kong, +852 9020 5566) www.telstra.com.au/abouttelstra/media-centre/ Reference: 017/2011
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