Corporate Action: Take Up TPG Telecom's AUD 5.25 Retail Entitlement Offer Before May 12 Closing Date
We recommend eligible shareholders subscribe to narrow-moat TPG Telecom's nonrenounceable retail entitlement offer at the fixed price of AUD 5.25 per share. The offer price is 20% below our fair value estimate of AUD 6.60—one that already incorporates the total AUD 400 million capital raising to help fund TPG's mobile strategy in Australia, and the risks associated with management's plans to take on the three incumbent network operators. Furthermore, the offer price is 10% below the current stoc...TPG Telecom is a telecommunications company based in Australia. Co. has three operating segments: Consumer, which provides retail telecommunications services to residential and small business customers; Corporate, which provides telecommunications services to corporate, government, and wholesale customers; and iiNet, which provides telecommunications and technology services to residential and business customers.
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