11 August 2008
MEDIA RELEASE
Telecom Responds to Press Release from Elliott International
Auckland, NZ (11 August 2008) - Telecom Corporation of New Zealand Limited
("Telecom") today issued the following statement regarding the press release
by Elliott International regarding their nomination of new Board candidates
and the strategic direction of the company.
Wayne Boyd, Chairman of the Board, stated, "The Board welcomes the interest
of shareholders in Telecom''s strategy. We have met with Elliott
International, a US hedge fund, on several occasions over the last twelve
months to discuss their views on Telecom''s strategic direction, including the
implications of structural separation. Telecom has carefully considered the
implications of structural separation, and does not believe that separating
our retail and network businesses would be in the best interest of
shareholders at this time. The Board of Telecom continues to be fully
committed to considering all available options to enhance shareholder value
and we believe we have the management team, strategy and financial expertise
to maximise long-term shareholder value."
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For more information please call:
Katherine Murphy
Telecom media relations
(09) 3586725 or 027 4222 709
End CA:00168459 For:TEL Type:GENERAL Time:2008-08-11:16:19:50