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Indo cuts stake in APN for Irish ops

Wednesday, February 19 09:51:56

Independent News and Media has reduced its stake in Australian and New Zealand group, APN News and Media, and will use the proceeds to boost its fianncial position here in Ireland, it said today.

APN, in which Independent News and Media has a 28.95pc stake, today announced the launch of a AUS$132m equity issue to finance the acquisition of the remaining 50pc of its Australian and New Zealand radio assets.

Having recently concluded a substantial restructuring and strengthening of its balance sheet, including a significant equity issue, INM's priority objective at this time is to retain the operational flexibility necessary to reposition its operations for an improvement in Ireland's evolving media market, a statement from INM said.

"Accordingly, and given APN's capital raise timetable and the fact that INM's participation would require a further significant capital raise from its shareholders, INM will not be participating in APN's proposed equity issue. This will result in INM's stake in APN being reduced to around 18.61pc."

"INM is fully supportive of APN's strategy - the acquisition of the remaining 50pc of its radio assets and the related capital raise - and remains fully committed to retaining its strategic stake in an enlarged APN."

APN today reported net profit after tax of $59.3 million, for the year to the end of December.

This is an increase of 10pc on the previous year, when the company posted net profit of $49.6 million, on revenues of $823 million.