Telstra begins share buyback mail-out
Telstra Corporation has begun mailing out details of its share buy-back to its 1.8 million investors. The buy-back will run from November 3 to November 21 and the telco will pay between $4.20 and $5.40 per share. Shareholders will be able to tender all or a portion of their shares at specified prices. If they elect not to nominate a buy-back price, their shares can be bought back at the final price once it's determined. The buy-back is structured in two parts: a capital component of $1.50 a share and a fully franked dividend of between $2.70 and $3.90 a share, depending on the final price.