Don't get hung up on low share price, says BT chairman

The chairman of BT has warned investors not to get "hung up" on the telecoms giant's slumping share price after coming under heavy fire at its annual meeting.

Jan du Plessis, who since his appointment nearly two years ago has overseen a 42pc decline in the telecom giant's share price to its lowest levels in seven years, dismissed attacks from the floor and insisted the company would recover.

Speaking on the sidelines of the BT annual shareholders meeting on Wednesday, Mr du Plessis said: "I think we cannot afford to get hung up about the share price in 12 months' time. We have to do what’s right for the company.

"You know where companies go wrong? It's when they get hung up about their stock price. To be clear, we cannot influence our share prices this month, next month or in a year’s time. Other factors will drive it."

At the meeting, Mr du Plessis told shareholders that he believes the share price will recover "in the long run" but that he would consider cutting shareholder payoutsto fund BT's ambitious plans for a fibre broadband rollout. 

Mr du Plessis said the company would have to find between £400m to £600m extra to build new fibre broadband networks "at the fastest rate possible".

Source: The Telegraph

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