Tesbrit appoints ex-Chorus boss Mark Ratcliffe to 2degrees board
Former Chorus chief executive Mark Ratcliffe has been appointed to the board of 2degrees Mobile by the mobile carrier's junior shareholder, Tesbrit BV.
Mr Ratcliffe replaces Mike Ah Koy, a 2degrees board member since 2015, who died in June, and who had beenappointed by the European firm, which holds a 27% stake in the New Zealand mobile operator. Mr Ratcliffe led the split of telecommunications network operator Chorus from Spark New Zealand, then Telecom Corp, in 2011, and finished up with the company in February.
"2degrees has fantastic mobile and fixed networks," Tesbrit director Peter Schmid said in a statement. "Mark's extensive leadership experience in a full-service telecommunications operator, and more recently in driving broadband uptake via new fibre networks, will be of great value as 2degrees continues to grow."
The mobile operator generated its maiden profit in the year ended June 30, its first since launching in August 2009. Over that period it's grabbed about 372,300 customers, added a broadband offering when it acquired Snap, and has been bundled into a larger group which was floated on the Toronto Stock Exchange by its majority Canadian shareholder, Trilogy International Partners.
Ratcliffe's appointment by Tesbrit follows the European investor getting Overseas Investment Office approval to lift its stake in 2degrees to up to 49.9 percent, should the opportunity arise.
Filings to the US Securities and Exchange Commission show Tesbrit told management of the listed parent, Trilogy International, that it believed the disclosure of 2degrees' information in the securities filings breached the confidentiality undertakings of its shareholders' agreement, and that its pre-emptive rights were abridged when new shares were issued to the majority Canadian shareholder.
As at August 2, Tesbrit hadn't taken any formal legal action over its objections and was still reviewing a proposal from the company on a process for future disclosures.