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CanWest MediaWorks Confirms Share Allotment

28 July 2004

CanWest MediaWorks Confirms Share Allotment

CanWest MediaWorks (NZ) Limited today announced the allotment of 68.0 million ordinary shares in the company to the public and institutions at a final price of $1.53 per share.

A total of 1.5 million shares were issued to public pool offer applicants. Directors and employees of CanWest MediaWorks have collectively been allotted approximately 650,000 shares.

Investors can confirm their allocations from 8am on 29 July by calling Computershare on 09 4888 777.

“We are delighted to welcome approximately 4,000 new investors in CanWest MediaWorks and are gratified by the strong endorsement of the company they have shown through their participation in this offer,” said CanWest MediaWorks Chairman, Tom Strike.

Allocations were determined by the Lead Manager, Organising Participant and Underwriter, Goldman Sachs JB Were.

CanWest MediaWorks successfully completed the Restructuring (as defined in the Prospectus and Investment Statement) this afternoon. An additional 158,666,667 shares in the company were issued pursuant to the Restructuring and are now held by a member of the CanWest Global group.

The net proceeds of the offer and $200 million of cash borrowed under a bank 5-year revolving term credit facility were used together with the issue of the 158,666,667 shares to purchase the radio and television businesses of CanWest RadioWorks Limited and CanWest TVWorks Limited. These businesses include radio and television brands TV3, C4, More FM, The Edge, The Rock, Channel Z, Radio Pacific, Solid Gold as well as 22 regional radio stations.

CanWest MediaWorksNZ is expected to list on the NZSX tomorrow.

ENDS

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