Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Sale To Fairfax Near Completion

For release 9.15am Thursday 26 June 2003

Sale To Fairfax Near Completion

“INL is pleased that the sale of its New Zealand publishing business to Fairfax is very near to completion” INL Chairman, Ken Cowley said today.

“INL shareholders vote on the sale at a meeting on Monday, 30 June and, if the sale is approved at that meeting, the sale will be completed on that day” Mr Cowley added. Mr Cowley noted that the sale of the New Zealand publishing business to Fairfax for $1.188 billion represents a very attractive outcome for all INL shareholders. The INL Board believes that the higher INL share price since the sale was announced better reflects the inherent value of the New Zealand publishing business. The Directors are recommending the transaction to shareholders.

Mr Cowley said that the INL Board has been continuing to actively consider how the net sale proceeds (approximately $754 million) would be applied. “The key thing is to come up with a plan which works for all INL shareholders” Mr Cowley said.

The INL Board is evaluating a range of alternatives, including a substantial return of capital to INL shareholders and/or a restructuring of INL’s ownership interest in SKY Network Television Limited. “Shareholders can rest assured that we are not thinking about new fields of endeavour” Mr Cowley said. All of these alternatives involve a consideration of complex issues, including taxation implications for shareholders. INL is receiving expert advice on the various alternatives.

“While INL is working expeditiously on these matters, it would be imprudent for the Board to make any premature decision” Mr Cowley said.

“Ultimately the INL Board wants to develop a proposal that balances the interests of all INL shareholders and maximises the value of INL shares” Mr Cowley added. “When we are confident that we have a proposal that meets these objectives we will announce that to shareholders and, if appropriate, seek shareholder approval” he concluded.

Contact: Sean Wynne
Company Secretary/Legal Counsel
Independent Newspapers Limited

Independent Newspapers Limited is New Zealand’s largest media company, publishing nine daily newspapers in New Zealand and one in Australia, plus New Zealand’s two Sunday newspapers and the news and information website In addition INL publishes a range of other weeklies and national magazines, including TV Guide and NZ House & Garden, operates New Zealand’s largest magazine distribution business and publishes over 60 community newspaper titles in New Zealand and Australia. INL also holds a 66% interest in Sky Network Television Limited, New Zealand’s pre-eminent pay television service. INL had total assets as of 31December 2002 of approximately $NZ2.1B and total annual revenues of approximately $NZ454M for the six months ended 31 December 2002.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>