Request for trading halt – TPG Telecom Limited

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  1. 71.5k
    Posts

    TPG Telecom Limited (TPG) (ASX:TPM) (‘the Company’) requests a trading halt to the Company’s
    securities from the commencement of trading today, 13 February 2020.
    For the purposes of ASX Listing Rule 17.1, TPG advises that:
    1. The trading halt is necessary as the Federal Court of Australia (Federal Court) is due to
    announce its decision at 10.30am on 13 February 2020 in relation to the application lodged by
    Vodafone Hutchison Australia Pty Ltd (VHA) with the Federal Court seeking orders that will, if
    made, have the effect of progressing the merger of TPG and VHA.
    2. The Company wishes the trading halt to remain in place until the earlier of such time as TPG
    makes an announcement to the market in relation to the Federal Court’s decision and the
    commencement of trading on Monday, 17 February 2020.
    3. The Company is not aware of any reason why the trading halt should not be granted or any
    other information necessary to inform the market about the trading halt.
    Please contact me if you require any further information.

    courtesy of Bell Direct
    ===========================================================================================================================

    ( DYOR )

    i hold TPM ( 'free-carried ' )

    so ... they haven't walked away from the merger yet

  2. 71.5k
    Posts

    Vodafone/TPG merger approval will deliver real benefits for
    Australia
    13 February 2020 –
    Vodafone Hutchison Australia (VHA) welcomes the Federal Court’s decision to allow the proposed merger
    with TPG Telecom to proceed.
    VHA, along with TPG, will work to complete the merger so that the benefits can flow to Australian
    consumers.
    VHA Chief Executive Officer Iñaki Berroeta said it was a great outcome for the Australian economy as it
    would allow for greater investment in next generation networks including 5G.
    “It’s been 18 months since we commenced the approval process for this merger and we’re very keen to
    move forward and deliver these benefits as soon as possible,” he said.
    “We have ambitious 5G rollout plans and the more quickly the merger can proceed, the faster we can deliver
    better competitive outcomes for Australian consumers and businesses.”
    Mr Berroeta said the lengthy process to obtain competition approval for the merger and the Huawei ban
    had both unfortunately given “free kicks” to competitors for some time.
    He said the Court’s approval had now removed that uncertainty and Vodafone could accelerate the delivery
    of 5G technology to its customers (as per the attached initial rollout plan).
    He said the spectrum holdings of the merged company would increase Vodafone’s network capacity and
    scope for further investment.
    “For the first time, Australia will have a third, fully-integrated telecommunications company,” he said.
    “This will give us the scale to compete head-to-head across the whole telecoms market which will drive
    more competition, investment and innovation, delivering more choice and value for Australian consumers
    and businesses.”
    Mr Berroeta said the merger should be completed in mid-2020, subject to the remaining
    regulatory/shareholder approvals, and any appeal by the ACCC.
    “We’re looking forward to progressing our plans and will continue to keep our customers and the market
    informed of our progress,” he said.
    -endsnews release
    Background
    30 August 2018
    VHA announces a merger of equals with TPG.
    8 May 2019
    The ACCC announces that it opposes the proposed merger stating that it would “reduce competition and
    contestability” in the mobile services sector. It further states that if the proposed acquisition did not
    proceed, there was “a real chance TPG will roll out a mobile network”.
    24 May 2019
    VHA, working with TPG, files a Statement of Claim in the Federal Court.
    10 September 2019 - 1 October 2019
    Federal Court case is heard in Melbourne.
    13 February 2020
    Judge hands down ruling in Federal Court.
    Notes to editors
    • The Federal Court Rules allow 28 days to appeal decisions of the Federal Court to the Full
    Federal Court.
    • Other regulatory approvals, namely the Australian Foreign Investment Review Board (FIRB) and
    the Committee for Foreign Investment in the United States (CFIUS), as well as shareholder
    approvals are anticipated in the coming months.
    • The attached initial rollout plan shows the 5G sites that Vodafone is planning to build in the
    first phase of its rollout in Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and the
    Gold Coast. There are more than 650 sites being planned right now, with sites progressively
    going live from mid-2020. Our current plan is to have several thousand 5G sites in our
    network and our rollout plans will include more and more 5G sites each year in these areas.

    courtesy of bell Direct
    ====================================================================================

    ( DYOR )

    i hold TPM ( 'free-carried ' )

    is still subject to appeal .. but one step closer

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