澳洲代寫-澳洲電信部分私營化的案例分析

澳洲代寫-澳洲電信部分私營化的案例分析。推行澳洲電信部分私營化的主要決策因素，是聯邦政府成功私營化計劃的延伸。20世紀90年代出現了這樣的計劃，Telstra的部分私有化就是其中之一。其次，政府需要削減聯邦債務，而澳州電信的發行收益將用於削減債務。最後，政府希望在澳大利亞電信市場引入更多的競爭，這一舉措將降低所有消費者的成本。具體重點是農村企業和消費者。

The major decision-making factor that would have gone into rolling out the partial privatization of Telstra is the extension of the Commonwealth Government’s successful privatization programs. The 1990’s saw a roll out of such programs and Telstra partial privatization was part of this drive. Secondly, the Government had the need to reduce the Commonwealth debt and Telstra issue proceeds would be used for this debt reduction. Finally, the Government would have wanted to introduce more competition in the telecommunication market in Australia and this initiative would lower costs to all consumers. Specific emphasis was on rural businesses and consumers.

A public float issue process was created, and Australian residents, institutional local and foreign investors were allowed to subscribe. In the first issue, investors found subscriptions attractive and were able to get involved in the two-step process. However, in the second sales round in 1999 for Telstra 2, there were too many competitors in the market already and this deterred share price increases. Share prices in fact fell to a loss of $2.60.

The theoretical ex-rights price of a share TERP is defined in such situations as the Macarthur Coal Limited Situation where stock and right to stock are considered to be separate. The opening subscription price for shares was $1.20, but with the value associated with rights and theoretical ex-rights price, there is an observable difference. The difference exists because of the top-up facility where when some rights holders chose not to participate in rights offering, then these become available for issue to other shareholders who have already subscribed.
Proceeds are carefully planned and are going to be used for repayment (partially). Equity hence is used as a source of financing for additional interest in the Coppabella Mines. Other growth projects are financed.

Surplus are handled better with the top-up facility. By enabling eligible shareholders to participate in the top-up facility, Macarthur Coal Ltd ensures that they can buy additional shares on top of their subscription. Not all shareholders participate in buying all the shares, some of them would get the chance to sit out, and these shares would be bought by subscribers as add on’s to their subscription. No shareholder right is violated by this measure, and shareholders interested in buying additional shares are not constricted in their choices.

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