20/2008
2 June 2008
The Rudd Government today announced it has received payment for 99.4 per cent of all instalment receipts issued under the Telstra 3 share offer.
In total, $6.548 billion out of the $6.586 billion due was collected by the Commonwealth by the due date for all final instalment payments -Thursday 29 May 2008.
Lindsay Tanner, Minister for Finance and Deregulation said “We are pleased with the outcome of the final instalment collection process and the large number of instalment receipt holders who have paid correctly and on time.”
“For those people, their underlying Telstra shares and any bonus loyalty shares to which they are entitled will be transferred to them on 10 June 2008 and a transaction confirmation statement will be mailed to them on 12 June 2008.”
“However those people whose payment was not received by 29 May 2008 will have lost any entitlement to bonus loyalty shares on the instalment receipts for which they have not paid.”
Default notices will be sent from 19 June 2008 and issue of a default notice will also result in the application of administration fees and interest charges.
Where there is continued failure to pay the final instalment, the Government will direct the Instalment Receipt Trustee, Telstra Sale Company Limited, to sell sufficient of the investor’s underlying Telstra shares to cover payment of the final instalment together with administration fees and interest charges.
Investors who have any queries about the payment process should call the Telstra 3 Final Payment Inquiry Line on 1800 18 18 18*, go to the Telstra 3 Website (www.t3shareoffer.com.au) or speak to their financial advisor.
*A free call unless from a mobile telephone which will be charged at the applicable mobile rate.
- ends -
| Media Contacts: |
Website: |
| Minister Tanner - Nardia Dazkiw - 0418 144 690 Gavin Anderson & Company - Felicity Allen - (03) 9654 6555 or 0413 946 701 |
www.financeminister.gov.au |
