Australian telco People Telecom has been de-listed from the New Zealand Stock Exchange following the acquisition of its shares by fellow Australian telco operator M2 Telecommunications.
People Telecom company secretary Adam Zines says New Zealand shareholders are eligible for the same deal as their Australian counterparts in relation to the price paid for their People Telecom shares and the number of M2 shares they will receive, under the Scheme of Arrangement through which the purchase has been conducted.
M2 won’t be listed on the NZX; local shareholders will get M2 shares listed on the Australian Stock Exchange.
The deal for M2 to by People Telecom was announced in December and became effective yesterday. The deal is worth approximately A$19 million.
People Telecom was founded in 2000 and provided services including fixed wire phone services, broadband internet access, mobile phone services and corporate data products.
It listed on the NZX in 2004 and CallPlus co-founder Malcolm Dick was on its board until shortly before the listing. In 2006, it formed a partnership with CallPlus, for CallPlus to manage its fixed line telephony and data services in New Zealand.
The stock has been thinly-traded on the NZX in recent times.