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Telstra shareholders appear to have voted in favour of the NBN $11 billion deal with a phenomenal 99% support. “Based on the proxy and direct voting position presented at Telstra’s annual general meeting which is under way today, it is clear Telstra shareholders will approve Telstra’s participation in the roll out of the National Broadband Network (NBN),” it has just announced.
The NBN resolution has received the support of 99.1% percent of shareholders who have voted or lodged a proxy, with 0.55% against.
The final results will be available later today.
The $11 billion deal between Telstra and National Broadband Network, which will see the telco surrender its copper network, pits and ducts, as well as transfer its fixed line broadband customers over to the NBN Co has received “strong endorsement” from shareholders at the vote held at its AGM today, Telstra Chairman Catherine Livingstone, confirmed.
Read Telstra Boom Times: 1.7M New Users, Sales +1.8%
“From the outset, we said we would put any proposal to cooperate with the NBN to shareholders – we consider the vote today as the most important step in the process we commenced over two years ago.
“It is clear from this interim result on the resolution that, given the alternatives facing their company, both institutional and retail shareholders are supportive of our involvement in the NBN,” she added.
“We look forward to finalising the remaining conditions precedent, implementing the transaction and realising the benefits we expect it to deliver, including the contribution to sustainable free cashflow in the medium term and greater regulatory stability.”
However, one major hurdle remains: Telstra’s Structural Separation Undertaking (SSU) and Migration Plan has yet to be approved by the Australian Competition and Consumer Commission (ACCC).
Although Telstra was continuing to work closely with the ACCC on the SSU and Draft Migration Plan and is expected to submit a revised SSU in the coming weeks, Ms Livingstone said.
None of the issues raised by the ACCC in relation to the proposed break up of its retail and wholesale arms are insurmountable and can be resolved, she added.
“However, if any material changes occur, we will ensure that shareholders have an opportunity to consider and vote on them.
“In considering the materiality of any changes, we will take into account the costs associated with their implementation and the degree to which the proposed transaction will continue to deliver greater regulatory certainty than the best available alternative.”
At today’s AGM, Telstra announced a stellar year for 2011 with $25bn sales revenue – a hike of 0.7% for the full year – and revenue growth during second half hitting 1.8%.
