Submitted by Amiri Halberg on Tue, 06/23/2009 - 06:54
An equity sale has been finished by APN News & Media Ltd to raise $A99 million.
It was announced on May 19 that the funds from one-for-five entitlement offer will be used to reduce APN's debt and strengthen its balance sheet.
The parent company of the New Zealand Herald is APN.
On Monday chief executive Brendan Hopkins said in a statement, "We are very pleased with the result of the entitlement Offer and the strong support from both APN's existing retail and institutional shareholders."
The retail offer increased by $16 million and the institutional offer is up by $A83 million.
After APN received applications worth $48.2 million worth the retail offer was scaled back.
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