Telecom board bid fails

Hedge fund Elliot International wins significant backing

US hedge fund Elliott International has failed in its attempt to get two nominees appointed to the Telecom board.

However, the two candidates, Mark Tume and Mark Cross, both received substantial votes supporting them even though they missed out.

A vote was called for at the completion of today's annual meeting of Telecom. The election of the two was opposed by Telecom.

Investors holding about 1.2 billion shares — around two-thirds of the total number, voted at the meeting.

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