find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
APN separation from Kiwi business proposed

APN separation from Kiwi business proposed

David Holland

A global firm has advised on the proposed demerger of APN News & Media’s New Zealand business.

Firms: Baker & McKenzie (NZME)

Deal: APN News & Media will demerge its New Zealand business NZME and conduct a capital raising to support the proposal

Value: $180 million

Area: Banking and finance

Key players: Baker & McKenzie partner David Holland lead the transaction while Lauren Magraith lead the capital raising. They were assisted by tax partners Amrit MacIntyre and John Walker, partner Adrian Lawrence, senior associates Hoda Nahlous, Belinda Barnes, Maria Pawelek and Peter Debney, and associates Ivo Basoski, Rebekah Lam, Jeanie Chang, Mary Cate Byrne, Allison Manvell, Matthew De Cataldo and Janet Cho. 

Deal significance:

If the demerger goes through, NZME will have a primary listing on the NZX and a secondary listing on the ASX.

The demerger will be put into effect by an equal capital reduction and in-specie distribution of shares in NZME, according to a statement from Baker & McKenzie.

Eligible APN shareholders will receive one share in NZME for every APN share they hold.

APN will also be pursuing a 1 for 7 share consolidation.

Mr Holland suggested the demerger would allow APN to pursue its Australian growth strategy.

“The demerger will enable an independent focus for each of APN and NZME and allow them to pursue their own strategic priorities and growth opportunities,” he said.

The $180 million capital raising will take place through a fully underwritten 1 for 3 accelerated renounceable offer with retail entitlements trading.

This capital will allow APN to retire debt and to facilitate appropriate capital structures for both companies, Ms Magraith said.

“We are pleased to have assisted APN in what has been a very successful offering so far, with over 95 per cent of eligible institutional shareholders taking up their entitlements under the accelerated institutional component of the offer,” she said.

 

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

APN separation from Kiwi business proposed
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...