Planners grap Telstra
Australian financial planning groups have been allocated 64 million shares, or 3 per cent of the shares available, in the Telstra 2 offer.
Australian financial planning groups have been allocated 64 million shares, or 3 per cent of the shares available, in the Telstra 2 offer.
FPA chief executive Michael McKenna describes the allocation as reasonable, noting that it shows that government is keen to get financial planners involved in share distribution because of their wide geographic spread.
And, unlike in Telstra 1, dealer groups have had the choice of using either their existing stock brokers or one especially appointed by the FPA. They could not, however, hedge their bets by using more than one broker.
FPA manager for professional standards and research, Catherine Crack, says smaller or regionally based dealer groups without existing relationships with stockbrokers, or those who have not been involved in equities before, have benefited from the FPA’s appointment.
The government has allocated 20.5 per cent, or 437 million, of the 2.133 billion shares available in T2. Of these, 363 million shares (or 17 per cent) were set aside to clients of Australian stockbrokers.
With a current market value of around $17 billion, T2 is set to become the biggest share offer in the world this year.
The T2 retail offer closes on October 5 in New Zealand and on October 7 in Australia.
T2 shares will be listed on Monday, October 18.
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