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

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news