Pay day for Telkom investors
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14 July 2009
Payouts likely to be spent on horrendous Telkom bills. |
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TELKOM’S share price plunged yesterday morning ahead of the company paying out special dividends worth R2-billion.
Among those set to score is the controversial Elephant consortium, which holds a 5.8 percent empowerment stake, and which will pocket about R113-million out of the deal.
Telkom opened 10 percent weaker on the JSE, with news of the payouts, primarily from its recent sale of its Vodacom stake.
Next Monday, the company will fork out 260c/share to shareholders up to July 17, along with its ordinary dividend payout.
Telkom is now trading “ex-div” — meaning the share value minus dividend — and dropped from R43/share on Friday to about R39 yesterday morning.
Adding to the parastatal’s woes was the recent downgrading by Bank of America-Merryl Lynch, which recently dropped the company’s rating from “neutral” to “underperform”, in anticipation of the payout.
In addition to the payouts and the downg...
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