TPG Telecom launches $688m reinvestment plan, reiterates guidance
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The news: TPG Telecom has launched a $688 million reinvestment plan, offering minority shareholders the opportunity to reinvest all or part of their $1.61-per-share cash distribution following the $5.3 billion sale of key infrastructure and enterprise assets to Vocus Group.
The numbers: The institutional component of the raise, which launches today, is set to raise up to $550 million. New shares will be issued at $3.61 per share, representing a 5% discount to TPG's last closing price of $3.80.
The retail part of the raise, targeting up to $138 million, is expected to open on 20 November and close on 5 December.
TPG also reconfirmed its FY25 earnings guidance of $1.605 billion to $1.655 billion.
The context: TPG said the plan aims to increase minority ownership, improve trading liquidity and maintain TPG's free float market capitalisation following its huge $1.61-per-share cash distribution last week, which returned around $3 billion to shareholders.
The source: ASX
