Telstra’s plan to pay down debt and create new shareholder returns by monetising the receipts from the national broadband network has been shunned by the rollout company which says it will not support the scheme.
The giant telco announced at its full-year results on August 17 that it wanted to create an investable product based on the future income stream it gets from NBN Company compensation and access payments.
Chief executive Andrew Penn at the time said that if an arrangement were to go ahead, it would be worth $5 billion to $5.5 billion, with $1 billion of the proceeds used to pay down debt, and the balance – around 75 per cent of NBN income – used for shareholder returns.
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