Investor Relations
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APN News & Media Ltd Shareholders Overwhelmingly Support Acquisition of Wilson & Horton Group
Shareholders of APN News & Media Limited (APN) at their Extraordinary General Meeting in Brisbane today overwhelmingly supported the acquisition of New Zealand media group, Wilson & Horton Group, from its largest shareholder, Independent News & Media PLC (IN&M).
Of the votes cast, 99.4 per cent voted in favour of the acquisition of Wilson & Horton, which owns New Zealand's leading metropolitan newspaper, The New Zealand Herald, and a group of regional and community newspapers, as well as broadcasting, printing and other publishing businesses. Being a related party transaction, IN&M and its associates did not vote on the proposal.
Chief Executive Officer of APN, Mr Vincent Crowley, said "The result is a strong vote of confidence in our strategy to acquire Wilson & Horton, which adds high quality assets to APN, is attractively priced for our shareholders and will significantly boost earnings per share".
APN will acquire Wilson & Horton for a cash consideration of A$809 million, to be financed through a combination of ordinary shares, convertible notes and bank debt. Up to 53 per cent (A$427 million) will be contributed by IN&M through its participation in the capital raisings.
The acquisition is scheduled to be completed by the end of the 2001 calendar year, with IN&M increasing its shareholding in APN from about 40 per cent to around 45 per cent.
Ends Friday, 7th December 2001
For Reference: APN News & Media Limited Vincent Crowley Chief Executive Tel: +61 - 2 - 9368 1499 Greg Dyer Chief Financial Officer Tel: +61 - 2 - 9368 1499
Peter Hunt
Managing Director
Caliburn Partnership
Tel: +61 - 2 - 9229 1407
Tim Allerton
City Public Relations
Tel: +61 - 2 - 9281 7272
Jim Milton/Pat Walsh
Murray Consultants
Tel: +353 - 1 - 632 6400
