Planners grap Telstra

financial planning groups FPA fpa chief executive dealer groups cent financial planners chief executive

30 September 1999
| By Zilla Efrat |

Australian financial planning groups have been allocated 64 million shares, or 3 per cent of the shares available, in the Telstra 2 offer.

Australian financial planning groups have been allocated 64 million shares, or 3 per cent of the shares available, in the Telstra 2 offer.

FPA chief executive Michael McKenna describes the allocation as reasonable, noting that it shows that government is keen to get financial planners involved in share distribution because of their wide geographic spread.

And, unlike in Telstra 1, dealer groups have had the choice of using either their existing stock brokers or one especially appointed by the FPA. They could not, however, hedge their bets by using more than one broker.

FPA manager for professional standards and research, Catherine Crack, says smaller or regionally based dealer groups without existing relationships with stockbrokers, or those who have not been involved in equities before, have benefited from the FPA’s appointment.

The government has allocated 20.5 per cent, or 437 million, of the 2.133 billion shares available in T2. Of these, 363 million shares (or 17 per cent) were set aside to clients of Australian stockbrokers.

With a current market value of around $17 billion, T2 is set to become the biggest share offer in the world this year.

The T2 retail offer closes on October 5 in New Zealand and on October 7 in Australia.

T2 shares will be listed on Monday, October 18.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 4 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 17 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 21 hours ago