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

 


Inl Shareholders Approve Sale To Fairfax


For release Monday 30 June 2003

Inl Shareholders Approve Sale To Fairfax


Independent Newspapers Limited today confirmed that a special meeting of shareholders had approved the sale of the company's New Zealand publishing assets to Fairfax New Zealand.

Chairman Ken Cowley said the proposed sale had received 94.23% support, with votes in favour of the sale accounting for 326.9 million shares.

The poll results are as follows:

FOR AGAINST TOTAL
Total Shares 326,943,842 20,003,531 346,947,343
% 94.23% 5.77% 100%

Mr Cowley said he was pleased that the proposal had met with such strong support.

The shareholder approval meant that the transaction would be finalised today.

Mr Cowley told a meeting of around 100 shareholders in Wellington today that the sale marked the end of an era and a long personal association for him with the INL publishing business.

"While it is an emotional occasion, the Board has always maintained that this sale represents the best opportunity for shareholders to maximise their investment."

Mr Cowley said the potential use of the sale proceeds would be considered expeditiously by the INL Board. He confirmed that future options included:
- The potential sale of the Geelong Advertiser
- A return of capital to shareholders
- Increasing INL's shareholding in Sky TV

Mr Cowley said the Board had commissioned an independent valuation of the Sky TV and would await this report before considering the matter any further. "We are considering the options around Sky, but I can assure you that we will not be paying any excessive price or premium."

[Ends]

- 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 www.stuff.co.nz. 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

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news