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

 


APN in trading halt pending capital raising

APN in trading halt pending capital raising

Feb. 19 (BusinessDesk) - APN News & Media, the Australian publisher of the New Zealand Herald newspaper, has halted trading in its shares pending a capital raising.

The Sydney-based company, which is due to report its first-half earnings today, has requested a halt in trading, “pending the release of a capital raising announcement to be made by the company,” it said in a statement.

The Australian Financial Review today reported the media group will seek between A$100 million and A$150 million to buy out US Clear Channel’s stake in its Australasian radio interests. APN owns half of the Radio Network on both sides of the Tasman, whose stable includes the NewstalkZB network in New Zealand.

Last week APN agreed to sell its unprofitable brandsExclusive online shopping site, having slashed the value of goodwill on the business it acquired in 2012. The media group has been divesting assets in recent months, including its share of an outdoor advertising venture and a suite of magazines in New Zealand.

APN underwent a radical overhaul last year with a board-room shakeout and new chief executive appointment when major shareholders Independent News & Media and Allan Gray Australia baulked at a planned capital raising.

In November last year Irish-based Independent News raised 43 million euros of fresh capital to protect its cornerstone stake in APN and prevent a potential fire-sale to satisfy its lenders.

Shares in dual-listed APN last traded at 49 cents on the NZX and 44 Australian cents on the ASX.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news