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Author: yukor2 Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 459  
Subject: Re: $2 go POOF!?! Date: 9/19/2007 11:12 AM
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I assume it has something to do with the weird stock split acrobatics that they are doing for the ADR shares as part of cancellation of every ninth regular share in a bid to Return Capital to the shareholders as a result of the sale of their Yellow Pages.

This letter describes the scheme:
http://www.telecom.co.nz/binarys/adr_covering_letter.pdf

I am confused reading it and I can't find anything clearer. I assume that there should be some kind of cash transfer as well to compensate for the canceled shares, but I can't find anything about the date that payout will take place or the price they will pay for the canceled shares.

I hope someone more knowledgeable about this can explain it better.

Cheers!
Kevin
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