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Chorus Ltd (ASX: CNU) Share Price and News

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Chorus Ltd (CNU) is New Zealand’s largest telecommunications infrastructure company, building and managing an open-access internet network and rolling out ultra-fast broadband.

An open-access network means that phone and broadband providers can access Chorus’ network to offer products and services to their customers. The company’s network consists of around 280,000 poles, 11,000 cabinets and more than 1.5 million broadband connections. Chorus is also responsible for providing the majority of New Zealand’s new fibre optic ultra-fast broadband network, a government initiative similar to Australia’s NBN.

Chorus’ history traces all the way back to the establishment of the New Zealand Post Telegraph Department in 1881. The post office was replaced by 3 state-owned enterprises in 1987, one of which was Telecom NZ. After undergoing privatisation and publicly listing in the early 1990s, Telecom separated into two distinct companies in 2011: Chorus, a wholesale operator, and Spark New Zealand Ltd (ASX: SPK), a retailer. Today, Chorus shares are dual-listed on both the ASX and NZX.

Chorus Ltd (ASX: CNU) Latest News

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Will Chorus pay a dividend in 2020?

Chorus paid an unfranked interim dividend of 9.76 cents per share on 14 April 2020. The company anticipates paying dividends totalling 24 cents per share for FY20, with the final dividend due to be paid in October. This is, however, subject to any material changes in Chrorus’ circumstances or outlook. The company has advised that from FY22, it anticipates transitioning to a dividend policy based on a pay-out range of free cash flow that reflects robust management of capital expenditure and that will provide shareholders with dividend predictability, stability and sustainable growth.

Does Chorus offer a DRP?

Yes. Chorus offers Australian and New Zealand shareholders the option of either full or partial participation in the dividend reinvestment plan. There is no minimum shareholding required to participate. Shares are issued under the DRP based on the volume weighted average sale price of the shares sold over five business days commencing on the ‘ex date’. At present, no discount is offered over and above this price. The company has advised it will continue to review the availability of the DRP at each financial result.