Shareholders approve TeamTalk expansion

Last updated 14:54 11/12/2012

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TeamTalk shareholders have approved the NZX-listed company's $42 million takeover of Timaru-based rural broadband provider BayCity at a special meeting today.

BayCity provides satellite, wireless and fixed-line broadband to about 15,000 customers, many of them farmers.  
The acquisition is due to be completed on Friday.

TeamTalk shares have gained 14 per cent since chief executive David Ware unveiled the takeover bid on November 2 and were up 8 cents on the day, trading on the NZX at $2.98 in early afternoon trading.

Ware - who has a reputation as a straight-shooter - criticised Communications Minister Amy Adams' policies in an interview published on Thursday, saying the Government favoured larger companies and he felt let down over its radio spectrum policy. Adams is his sister-in-law.

Ware told BusinessDay he had made his views on the two policy issues pretty clear on a number of occasions, and said he was happy with protocols that meant he had to communicate with Adams on such matters through Economic Development Minister Steven Joyce, to avoid any perception of a conflict of interest. 

The protocols were totally appropriate and it was quite reassuring that the Government took that sort of thing this seriously, Ware said.

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