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Blakes advises Prime Media on $110 million capital raising

Blakes advises Prime Media on $110 million capital raising

Blake Dawson has advised Prime Media on its capital raising, announced on 25 March, which intends to raise up to $110 million through the issue of shares to existing and new shareholders.The…

Blake Dawson has advised Prime Media on its capital raising, announced on 25 March, which intends to raise up to $110 million through the issue of shares to existing and new shareholders.

The equity raising will comprise a 10-for-7 renounceable accelerated pro rata entitlement offer at an offer price of $0.48 per new share and a placement of shares to the Seven Network, also priced at $0.48 per share.

Prime's largest shareholder, Paul Ramsay Holdings Pty Limited, has already committed $25 million and Seven Network subsidiary Network Investment Holdings Pty Limited has committed to subscribe for as much as 14.9 per cent of Prime's expanded capital base for up to $25 million.

"It's a great outcome for Prime and the Seven Network in a difficult market," commented Blakes corporate partner Bill Koeck.

Mallesons Stephen Jaques acted for Macquarie Bank on the transaction.

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