US investor seeks Telecom split

Fund nominates two directors to Telecom's board

A United States private investment firm founded by billionaire vulture fund pioneer Paul Singer chose the aftermath of Telecom's gloomy annual results announcement to nominate two new directors to the Telecom board.

Unhappy with Telecom's performance in the past few years, a US-based and Cayman Islands-registered limited partnership, Elliott International, put forward two independent directors yesterday for election at Telecom's annual meeting in October.

The nominees are Mark Tume, a director of Infratil, Transpower and Ngai Tahu Holdings and a member of the board of the Guardians of the New Zealand Superannuation Fund, and Mark Cross, who is a chartered accountant with an investment banking background, including stints with Deutsche Bank and Lloyds Bank.

Read more at Businessday.co.nz

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