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

 

NZX gets second bid for Farmers Weekly publication

NZX gets second bid for Farmers Weekly publication, says divestment 'imminent'

By Paul McBeth

May 15 (BusinessDesk) - NZX has received a second bid for agricultural publication Farmers Weekly three months after signing a non-binding sale agreement, and says a divestment of the paper is "imminent".

The stock market operator will update the market later this week, revealing the new bid in a cleansing notice to use a short-form disclosure for an offer of subordinated notes. The Wellington-based company said it's within continuous disclosure obligations, but also that the looming sale of Farmers Weekly fell under excluded information.

"NZX advises that it has received a second bid for its Farmers Weekly business and that the completion of the Farmers Weekly divestment is imminent," chair James Miller said in the notice. "A further update to the market will be provided later this week."

The company announced plans to sell the rural publication when reporting its first-half result in February, saying at the time it had signed a non-binding agreement which was expected to settle on April 1. The deal didn't give a price, but said it would be at no gain or loss to NZX, and the results showed NZX's agri division had $1.98 million of assets held for sale as at Dec. 31.

Since then, NZX's Farmers Weekly paid ad page equivalents climbed 6.8 percent to 423 in the four months ended April 30 from a year earlier.

NZX is refocusing on its core market operations, with recent consultations on listing and governance rule changes, emphasising the need to drive greater liquidity on the local market.

The shares were unchanged at $1.10 and have declined 1.8 percent so far this year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Retail: International Websites To Pay GST

New rules would be aimed at imported goods valued at or below $1,000. Customs would retain responsibility for collecting GST on imported parcels valued more than $1,000. More>>

ALSO:

High-Level Advice: PM’s Business Advisory Council Membership Announced

The Prime Minister’s Business Advisory Council brings together a mix of experts, six women and seven men with small to large business experience, from across New Zealand, to provide advice. More>>

ALSO:

Improving: Report Shows New Zealand Air Quality 'Good'

Our air 2018, produced by the Ministry for the Environment and Stats NZ, shows that while some previously known issues persist, progress has been made and levels of some pollutants are declining. More>>

ALSO:

Greenpeace: Govt Extends OMV Exploration Permit

The Government has just granted oil giant OMV a two-year extension to drill in the Great South Basin, despite issuing a ban on new oil and gas exploration permits in April. More>>

ALSO:

Collective Bargaining For Contractors: Working Group's Model For Screen Sector

A recommended model to allow collective bargaining for contractors in the screen sector has today been unveiled by the Government-convened Film Industry Working Group. More>>

ALSO:

Kauri Dieback: DOC Closing Tracks To Protect Trees

The Department of Conservation will close 21 tracks across kauri land to help prevent the spread of kauri dieback. An additional 10 tracks will also be partially closed and the open sections upgraded... More>>