March 25, 2015
Royal abdicates spectrum role
Long serving Te Huarahi Tika trustee Antony Royal has resigned from the Maori spectrum trust and its commercial subsidiary Hautaki Ltd.
The resignation comes as Hautaki’s stake in mobile phone company Two Degrees has shrunk to just over 7 percent.
That’s the result of Hautaki borrowing money from majority shareholder Trilogy to buy new shares as they were issued.
It was unable to service the loan so it transferred those shares to Trilogy as well as a chunk of its existing shares.
Hautaki chair Mavis Mullins describes the share move as retiring all debt while retaining a $15 million cornerstone shareholding on behalf of Maori.
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