APN may list local unit on New Zealand sharemarket
By Tina Morrison
Sept. 1 (BusinessDesk) - APN News & Media, which publishes the New Zealand Herald, may list its New Zealand business on the local sharemarket.
The Sydney-based company has retained Grant Samuel to assist with its review of strategic options for APN New Zealand, which includes its New Zealand publishing assets, as well as The Radio Network which encompasses the Newstalk ZB and ZM stations, and its GrabOne businesses, it said in a statement. An initial public offering and NZX listing is one option being considered, it said.
APN's New Zealand unit last month posted an 8 percent decline in first-half revenue to A$201.6 million, and a 9 percent fall in earnings before interest, tax, depreciation and amortisation to A$34.6 million, reflecting the sale of South Island and Wellington newspapers and several magazine titles, including the weekly Listener magazine, to Germany's Bauer Media.
APN's New Zealand shares last traded at 85 cents, and have gained 82 percent so far this year.