Nine per cent discount for patient T3 investors

The discount a retail investor in the ‘T3' Telstra share sale may get is 9 per cent of the assumed price than big investors will pay. The notional discount is 5 per cent, but there's another effective discount of 4 per cent since retail investors will receive a bonus share for each 25 shares they hold – if the shares are held until at least May 2008. A retail investors will make an instalment payment of $2 and earn a guaranteed yield of 14 per cent, or two payments of 14 cents over 12 months.