Curran wipes $54 million off Telecom’s value
Clare Curran must like conducting corporate vandalism.
Telecom falls 1.33% on the day of Clare Curran’s announcement of 1,500 pending job losses:
Telecom could be set to axe up to 1500 jobs, in what would be the single largest job loss of any single company in New Zealand.
Labour’s communications and IT spokeswoman Clare Curran says Telecom are set to announce up to 1500 job cuts.
Telecom has already cut 373 permanent jobs, and future cuts are believed to be planned over two to three years.
In February, Telecom boss Simon Moutter said the telco would cut jobs from its base of 7603 staff, and did not rule out more than a thousand jobs going.
Ms Curran said she had been told by a source that Telecom would make the cuts this month, and the board of the company were due to meet next week.
Given there are 1,813,696,172 shares issued and the drop was 3 cents per shares. She may have contributed to a loss of $54,410,885 of investor wealth.
Well done Clare.
What is it with Labour and public companies.
Perhaps she should look at the donation Telecom gives Labour.
This is similar to Michael and Helen making announcements about public companies like Air New Zealand.
Curran has only said could or may or might be going to cut those jobs. She has scared investors, scared staff all for a petty political gain.
The investors are the ones who have taken the bath, though as the jobs cuts are finally announced it may well rebound in price.
The Green taliban with their little banking scare-mongering the other day aren’t any better.