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Telstra pushes back shareholder voting date on NBN deal

The telco's shareholders were scheduled to vote on the deal at a July 1 meeting.

Telstra shareholders will not longer be able to vote on the telco's $11 billion deal with NBN Co on July 1.

Last year, NBN Co entered into an $11 billion non-binding agreement with Telstra to gradually decommission the telco’s copper network and move customers onto the National Broadband Network (NBN). This was subjected to shareholders’ approval.

Shareholders were scheduled to vote on the deal at a meeting on July 1. This voting on the NBN has now been postponed and Telstra has yet to provide a new deadline for the deal to be passed

According to Telstra, NBN negotiations are progressing well but “a number of matters are yet to be finalised” some of which require Government approval.

“Work continues to reach final agreement as soon as possible,” the telco said in a statement.

The delay was also blamed on required timeframes for ministerial, ACCC and Telstra Extraordinary General Meeting processes. The company is currently seeking an alternative shareholders meeting day.

More to follow.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: ACCC, etwork, Telstra
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