Helen Coonan (NSW, Liberal Party, Minister for Communications, Information Technology and the Arts) Share this | Hansard source

Thank you, Mr President, and I am grateful for Senator Evans’s interjection because what I am doing on behalf of Senator Minchin is to indicate to the Senate a reflection of the agreement that he has reached with the board for the launch of the offer document. This reflects the agreements and discussions that the senator has had in the lead-up to the launch of the offer document.

I would have thought it very important that those listening to this broadcast are aware of what the offer document contains, which represents Senator Minchin’s efforts over the past few months. Reflecting our commitment to reward existing shareholders, there is a guaranteed entitlement for existing shareholders of 3,000 shares, or one for every two held. That is clearly something that was negotiated in the lead-up to the offer, with Senator Minchin’s participation. In comparison it is worth saying that in T2 the existing retail shareholder entitlement was just one share in five, so that puts the existing shareholders very much—(Time expired)