Highlights

  • Institutional reinvestment raises AUD 300m through issuance of approximately 83m new shares.
  • Share price set at AUD 3.61, reflecting a 5% discount to prior close.
  • Retail reinvestment plan aims to add up to AUD 138m in further proceeds.

TPG Telecom Limited (ASX:TPG) has finalised the institutional portion of its Reinvestment Plan, securing AUD 300m through the issue of around 83m new fully paid ordinary shares. The offer price of AUD 3.61 per share represents a 5% discount to the company’s last traded price of AUD 3.80 on 14 November 2025.

The Reinvestment Plan provides minority shareholders the option to reinvest the recently approved AUD 1.61 per share capital return into new equity. The initiative is intended to help counter the effect of the capital return on the company’s free-float market capitalisation and contribute to shifts in minority ownership levels and ASX index weighting.

Change in Offer Size Following Market Events

The institutional offer was launched on 17 November 2025 and initially attracted interest beyond the previously outlined target of up to AUD 550m. However, on 18 November 2025, the company reduced the offer size to AUD 300m.

This adjustment followed TPG Telecom’s announcement that it had become aware of the death of a person in Sydney connected to a Lebara customer who was unable to reach Triple Zero due to outdated software on a Samsung device. The announcement led to an extended trading halt on the ASX. At the same time, global equity market conditions weakened overnight, contributing to the revised offer size.

Settlement Timeline and Trading Resumption

With the institutional offer completed, TPG Telecom expects to resume trading on the ASX. Settlement of the newly issued shares is scheduled for 24 November 2025, coinciding with payment of the AUD 1.61 per share capital return. Allotment and standard trading of these shares are planned to begin on 25 November 2025, with the new shares ranking equally with existing ordinary shares.

Retail Reinvestment Plan and Use of Proceeds

The company has also announced a Retail Reinvestment Plan, open to eligible retail shareholders from 17 November 2025. This non-underwritten component is expected to raise up to AUD 138m, with further details to be outlined in a prospectus anticipated for lodgement around 20 November 2025.

Combined proceeds from both institutional and retail components—up to AUD 438m—are intended for additional repayment of bank borrowings. This will bring total repayments since 30 June 2025 to approximately AUD 2.7b.

Share Performance of TPG

TPG was trading 3.68% lower at AUD 3.660 per share as of 19 November 2025.