UBS and Caliburn get Telstra study gig
(30 March 2005 – Australia) Investment bank UBS and boutique advisory firm Caliburn Partnership have been selected by the federal government to conduct a scoping study looking at the whether the sale of Telstra will deliver adequate returns to taxpayers.
Finance minister Nick Minchin said UBS had been engaged solely for the scoping study and would have to compete with other banks for a role in selling outstanding shares. The tender involved 12 companies.
He said Caliburn would provide the government with specialist financial and strategic advice, and ways to minimise the cost of the sale. Caliburn executive chairman Peter Hunt advised the government on the initial sale of Telstra while working at ABN Amro and BZW.
UBS, Caliburn and five other advisers on the Telstra sale are set to earn A$2.5 million for their participation with the real rewards to be reaped by banks involved in the eventual share sale.
The scoping study is due to begin in April and will be completed around the middle of the year. It will advise the government on the best time for the sale of its remaining 51 percent stake, share price and dividend levels, sale structure, costs, and how the shares should be sold.
He said Caliburn would provide the government with specialist financial and strategic advice, and ways to minimise the cost of the sale. Caliburn executive chairman Peter Hunt advised the government on the initial sale of Telstra while working at ABN Amro and BZW.
UBS, Caliburn and five other advisers on the Telstra sale are set to earn A$2.5 million for their participation with the real rewards to be reaped by banks involved in the eventual share sale.
The scoping study is due to begin in April and will be completed around the middle of the year. It will advise the government on the best time for the sale of its remaining 51 percent stake, share price and dividend levels, sale structure, costs, and how the shares should be sold.
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