Telecom cans share buyback

WCDMA network revision prompts change of plan

Telecom has cancelled its fourth quarter dividend reinvestment plan and share buyback as it looks to speed up the launch of its new mobile phone network.

Telecom said today the decision, to drop the buyback and dividend reinvestment plan for the final quarter of the 2007-08 year, was a strategically important and material one.

Shareholders who had chosen to take part in the dividend reinvestment plan would receive a cash dividend on September 12, the same time dividends were paid to shareholders who were not participating in the reinvestment plan, Telecom said.

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