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Retail brokers named for T3
Stuart Corner
Tuesday, 26 September 2006 03:01
Eleven broking houses have been appointed as retail lead managers for the Telstra 3 Share Offer – ABN-AMRO Morgans, Goldman Sachs JB Were, UBS Wealth Management and Bell Potter (an affiliate of UBS) – together with brokers E*Trade, Shaw Stockbroking, CommSec, Wilson HTM, Ord Minnett, Patersons and Citigroup Wealth Advisers.
Announcing the appointments, finance minister Nick Minchin said: “This retail syndicate brings together a collection of Australia’s major experienced brokers. They possess the capacity to market T3 to their extensive client bases and to sell shares throughout Australia through their strong regional networks.”
Daiwa has been named as the broker to the Public Offering Without Listing (POWL), a type of sale unique to Japan that allows retail investors to buy stock but without requiring a separate listing in Japan. The Government has not yet determined how much stock will be offered through the POWL. $234 million was allocated in T2.
Minchin said that the Government had considered the appointment of an additional joint global coordinator but was satisfied that the three project management joint global coordinators (PMJGCs) - ABN AMRO Rothschild, Goldman Sachs JBWere and UBS Australia - were "more than capable of leading an offering of around $8 billion.”
The Government will appoint at a later date co-lead managers and regional managers as further members of the institutional syndicate. A roadshow, incorporating the PMJGCs and Telstra management, will be conducted in Australia, the United States, Asia and Europe after the Offer launch, at which time full details of the sale structure will be revealed.
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