APN completes institutional entitlement offer

Company News


APN News & Media Limited (ASX:APN) has announced the successful completion of the institutional component of its fully underwritten 1 for 3 accelerated renounceable entitlement offer.
 
Approximately $160 million has been raised from the issue of new fully paid ordinary shares in APN at a price of $0.53 cents per new share.
 
APN has reported a take-up rate of 95 per cent, with the shortfall bookbuild attracting strong demand from existing APN shareholders and other institutional investors, at a premium of $0.12 cents above the offer price. 
 
The retail component of the raising will open on Wednesday the 18th of May.
 
APN News & Media Limited reported a net loss of $4.4 million at 31 December 2015.

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