Fairfax unveils NZ capital raising plan

Australian media giant John Fairfax Holdings yesterday unveiled plans for a $200 million capital raising in New Zealand. The company says it plans to issue a prospectus in mid-April for the issue of redeemable preference shares through a subsidiary called Fairfax New Zealand Finance. Fairfax says the money will be used to repay debt, "for general corporate purposes" and to diversify funding.