Oct 1 (Reuters) - Spark New Zealand Ltd SPK.NZ :
* AGREEMENTS SIGNED FOR BUILD OF SOUTHERN CROSS NEXT CABLE
* BUILD COSTS FOR SX NEXT ARE EXPECTED TO BE APPROXIMATELY US$300M
* TELSTRA TO BECOME A 25% SHAREHOLDER OF SOUTHERN CROSS
* SPARK NEW ZEALAND - SPARK'S SHAREHOLDING IN SOUTHERN CROSS WILL BE DILUTED FROM 50% TO ABOUT 40%
* SOUTHERN CROSS CABLE NETWORK & ITS SHAREHOLDERS SIGNED AGREEMENTS & RECEIVED REGULATORY APPROVAL FOR BUILD OF SX NEXT TO PROCEED
* SOUTHERN CROSS & ITS SHAREHOLDERS SIGNED AGREEMENT &GOT REGULATORY APPROVAL FOR TELSTRA TO BECOME 25% SHAREHOLDER OF SOUTHERN CROSS
* NO DIVIDENDS EXPECTED TO BE RECEIVED FROM SOUTHERN CROSS IN FY20 AND FY21
* SPARK NZ-BUILD COSTS FOR SX NEXT FUNDED VIA DEBT HELD BY SOUTHERN CROSS & RETENTION OF DIVIDEND STREAMS FROM EXISTING CABLE NETWORK DURING BUILD PHASE
* DIVIDEND RECEIPTS FROM SOUTHERN CROSS EXPECTED TO RESUME FROM FY22