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2004
T3 Sales To Japan Help Tally To 55%
The Age
Tuesday October 24, 2006
JAPANESE investors have ignored the deterrent of a weakened currency exchange rate to invest at least $435 million in the third Telstra share sale.
The deal, revealed on the day the T3 offer opened to retail investors, means the Federal Government has already sold 55 per cent of the $8 billion of Telstra shares on offer.The sale of 120 million shares has been underwritten by Japanese broker Daiwa Securities, which also sold shares in the T2 offer in 1999.The latest deal represents twice the number of shares sold to Japanese investors in T2, despite the value of the Australian dollar having increased 30 per cent against the yen in the past seven years.It comes after the Government revealed on the weekend it had already sold $4 billion of T3 shares to brokers.Finance Minister Nick Minchin described the sale to Japanese investors as "another pleasing indication of the level of interest by the investing community in T3".The shares have been sold under Japan's public offering without listing (POWL) policy, which allows foreign companies to sell shares to Japanese investors without requiring the shares be traded in Japan.Japanese investors can still apply for T3 shares through the book-build for institutions, which begins on November 15.Senator Minchin also revealed 2.2 million copies of the T3 prospectus had been delivered to interested investors. They were delivered to existing Telstra shareholders - regardless of whether they wanted a copy - broker clients and others who requested a prospectus.Retail investors have until November 9 to apply for T3 shares.Telstra has confirmed the peak download speed on its Next G mobile broadband and telephone network would quadruple to 14.4 megabits per second by March.The nationwide 3G network was activated on October 6 and has been created to replace the CDMA rural telephone network, which Telstra hopes to shut down by early 2008.The high-speed downlink packet access (HSDPA) technology allows peak download speeds to be increased - from the current 3.6Mbps limit on Next G - by upgrading the base stations' computer software.Average download speeds on the network now vary from 550 kilobits per second to 1.5Mbps, although Telstra says these speeds will increase in line with the rise in peak speeds.Telstra will start testing the software upgrade today at Mount Arapiles, in western Victoria.The upgrade will also feature the first deployment of high-speed downlink packet access (HSUPA), which will lift peak upload speeds - information sent from a handset or data card back to the network - from 384kbps per second to 1.8Mbps.Telstra shares opened at $3.63 and peaked at $3.70 in early trade, but eventually finished 2? lower at $3.61.KEY POINTS ? Japanese investors down for 120 million shares.? 2.2 million copies of the prospectus have been distributed.? Next G download speed to quadruple by March.LINK? www.t3shareoffer.com.au
© 2006 The Age