Investor Relations
News Detail
PROPOSED RESTRUCTURING AND SALE OF THE WILSON & HORTON GROUP TO APN NEWS & MEDIA LIMITED
RELEASE OF ADDITIONAL INFORMATION
As previously announced, the Board of Independent News & Media PLC ("Independent" or the "Company") has entered into a conditional agreement to sell Wilson & Horton Limited, its subsidiaries and Wilson & Horton Finance Pty Limited, to APN News & Media Limited ("APN"), a company in which Independent currently has a 40% interest. The aggregate consideration for the transaction is NZ$1,500 million (approximately .690 million or A$1,232 million), which includes cash and the assumption of debt by APN.
In view of its size, completion of this transaction is conditional, inter alia, upon the approval of shareholders in Independent, which is to be sought at an Extraordinary General Meeting of the Company. A document will be circulated to shareholders containing further details of the transaction and commencing the requisite Extraordinary General Meeting at which the transaction will be considered and, if thought fit, approved.
In addition, approval of APN shareholders who are not associated with Independent and its associates is required and will be sought by APN at a general meeting. As part of this process and in compliance with the applicable Australian regulatory requirements, APN has now publicly filed with the Australian Securities and Investments Commission an Explanatory Memorandum containing information relevant to the APN shareholders ("APN Explanatory Memorandum").
As this APN Explanatory Memorandum contains information which could be deemed relevant to Independent shareholders, this notice contains various exhibits extracted without material adjustment from the Explanatory Memorandum for the information of Independent shareholders.
Independent shareholders can obtain the entire copy of this APN Explanatory Memorandum by accessing the following website:
http://www.asic.gov.au Ends Wednesday, 31st October 2001
For reference: Independent News & Media PLC Tel:
James J. Parkinson, Group Finance Director + 353 1 466 3200 Tel: Gavin K. O'Reilly, Chief Executive - Ireland + 353 1 705 5495
Murray Consultants
Tel:
Jim Milton/Pauline McAlester + 353 1 663 3332
Sponsor and Broker
Tel:
Davy Stockbrokers Hugh McCutcheon + 353 1 679 6363
Financial Adviser
Tel:
Macquarie Bank Limited Andrew Low, Director + 61 2 8232 6372
