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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news