APN listing will trigger change on NZSX-50

By PAUL PANCKHURST

The listing of APN News & Media on the stock exchange will trigger the biggest change yet for the NZSX-50.

APN, publisher of the Herald, will list on the NZX main board next Monday.

NZX index manager Guy Fisher said the company was expected to be added to the index at the end of next month or the end of September.

Where it sat would depend on the company's market capitalisation, percentage of revenue generated in New Zealand and "free float" - the percentage of shares freely traded, rather than locked up in big blocks.

Based on the NZX formula, APN looks set to come in at number 14 - one slot below insurance giant Promina and one above Kiwi Income Property Trust.

Fisher said it would be the largest new entrant since the index launched on March 3 last year.

The change will drive buying by funds that either track the index or whose performances are measured against it.

APN generates slightly more than half its revenue and profits from its New Zealand media businesses.

It is already listed on the Australian Stock Exchange.

In addition to the Herald, APN publishes nine regional daily newspapers and more than 35 non-daily publications.

It also operates The Radio Network's 112 radio stations with Clear Channel Communications and is the leading outdoor advertising operator in New Zealand.