Telstra witnessed a stock price slump of 6% on August 30 Traded ex-dividend

raded ex-dividend: Telstra witnessed a stock price slump of 6% on August 30, 2017 while the stock traded ex-dividend. Further, the group updated that the proposal to monetise a portion (worth between $5-5.5 billion) of its locked-in recurring nbn receipts, which was announced to the market on 17 August, did not receive technical consents from nbn co. The proposal was basically subject to agreement and a number of steps including approvals and consents from investors, the Commonwealth Government and nbn co. The proposal was well supported by equity and debt investors while nbn co did not approve of it. The nbn recurring payments have been expected to grow to about $1 billion annually by the end of nbn’s migration period. As per the company, proposed transaction showed the significant value in Telstra’s core underlying telecommunications infrastructure. Meanwhile, TLS had announced about their intention to combine Foxtel and Fox SPORTS Australia into a new Company, one that is well positioned to deliver premium sports as well as homegrown, original and international entertainment in a rapidly evolving and competitive marketplace. In this regard, TLS and News Corp will work to finalise the transaction, including obtaining regulatory approval, to be completed in the first half of 2018. Although there are challenges in the near term, the group’s efforts are expected to reap benefits in the long-term.

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