APN News & Media, the Australasian publisher of the New Zealand Herald, raised about A$23 million in the retail component of a capital raising to take control of its radio businesses, buying out its partner.
Investors in the media group subscribed for A$26.3 million in a 5-for-9 non-renounceable entitlement offer, of which A$17.7 million represented entitlements and A$8.6 million applications for new shares, the Sydney-based company said in a statement. Coupled with an institutional offer, APN has raised some A$132 million at 36 Australian cents a share, it said.
"APN received demand significantly in excess of the total number of new shares available under the retail entitlement offer," the company said. "Consequently, 100 per cent of new shares available under the retail entitlement offer have been allocated to APN's existing eligible retail shareholders."
The dual-listed shares have soared almost 50 per cent to 61.5 Australian cents on the ASX since the capital raising was announced. They last traded at 65 cents on the NZX.
The media group has been restructuring its business over the past year, quitting assets including its stake in an outdoor advertising venture, its unprofitable brandsExclusive online shopping site and a suite of New Zealand magazines