NZME. mulls float plan in the New Year

NZME has just expanded its events business, buying up nine regional events. Photo / Peter Meecham

APN News & Media said it would consider progressing its plans to launch an initial public offer (IPO) for its New Zealand unit, NZME., some time in the New Year.

APN said in a statement to the ASX that Austalian media speculation to the effect that the IPO had been cancelled was incorrect.

"APN has received broad and positive feedback from a series of investor presentations as a first step designed to build awareness and understanding about NZME.," the company said.

"APN continues to assess strategic options for NZME. including a possible IPO," it said.

"No decision as to the outcome of the strategic review or timing has yet been determined, and consideration will be given to further progressing the transaction in the New Year," it said.

NZME's assets include the New Zealand Herald, Newstalk ZB and the online bargain website GrabOne.

APN has hired corporate advisers Grant Samuel to assist in a possible sale process, with an initial public offer (IPO) and NZX listing of the New Zealand assets being one consideration. A trade sale was considered a possible option, although less likely.

APN is expected to remain a major shareholder if an IPO takes place. In its latest result, APN's net profit rose to A$27.2 million in the six months ended June 30, from A$24.6 million a year earlier.