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Chorus Moves to Remove Legacy Ownership Caps Following Crown Agreement

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Chorus (ASX:CNU, NZE:CNU) executed an unconditional variation to its Deed of Operational and Governance Undertakings with the New Zealand Crown, as the next step toward removing legacy ownership caps included in its constitution, according to a Monday Australia and New Zealand bourse filing.

The company said the current ownership restrictions require ministerial approval for ownership of more than 10% of Chorus' voting shares, or over 49.9% if the proposed owner is not a New Zealand national, with the executed variation allowing Chorus to propose an amendment to its constitution to remove the restrictions.

Shareholders will be asked to vote on a special resolution on the matter at the upcoming annual shareholder meeting in November, it added.

Chorus' ASX and NZX shares both fell almost 1% in recent Monday trade.

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