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

 


APN raises A$23 mln in oversubscribed retail offer

APN raises A$23 mln in oversubscribed retail offer

March 19 (BusinessDesk) - APN News & Media, the Australasian publisher of the New Zealand Herald newspaper, raised about A$23 million in the retail component of a capital raising to take control of its radio businesses, buying out its partner.

Investors in the media group subscribed for A$26.3 million in a 5-for-9 non-renounceable entitlement offer, of which A$17.7 million represented entitlements and A$8.6 million applications for new shares, the Sydney-based company said in a statement. Coupled with an institutional offer, APN has raised some A$132 million at 36 Australian cents a share, it said.

“APN received demand significantly in excess of the total number of new shares available under the retail entitlement offer,” the company said. “Consequently, 100 percent of new shares available under the retail entitlement offer have been allocated to APN’s existing eligible retail shareholders.”

The dual-listed shares have soared almost 50 percent to 61.5 Australian cents on the ASX since the capital raising was announced. They last traded at 65 cents on the NZX.

The media group has been restructuring its business over the past year, quitting assets including its stake in an outdoor advertising venture, its unprofitable brandsExclusive online shopping site and a suite of New Zealand magazines

The capital raising will go towards buying out APN’s US partner Clear Channel’s stake in Australian Radio Network and The Radio Network in New Zealand for A$246.5 million. The rest will come from A$60 million reaped from the sale of its outdoor advertising business and A$61 million in existing bank debt.

The issue has been backed by major shareholders Allan Gray Australia, Independent News & Media and Irish billionaire Denis O’Brien’s Baycliffe.

That’s a turnaround for Independent News and Allan Gray, who last year forced a board-room shake-out of the Australian media group after baulking at APN’s plans to raise capital to shore up its own debt-plagued books.

Independent News, which raised 43 million euros of fresh capital last year to repay bank debt and avoid a fire sale of its APN stake, didn’t participate and was diluted to 18.6 percent from 29 percent. Its entitlement was taken up by Baycliffe, lifting its stake to 12.2 percent from 1.9 percent and keeping O’Brien’s total interest in APN through the two companies at 30.8 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news