CanWest plans IPO of New Zealand TV and Radio Operations
19 Maggio 2004 - 1:37AM
PR Newswire (US)
CanWest plans IPO of New Zealand TV and Radio Operations WINNIPEG,
May 18 /PRNewswire-FirstCall/ -- CanWest Global Communications
Corp., today announced that it intends to launch an initial public
offering (IPO) of shares of its New Zealand radio and television
operations. The IPO will offer to the public 68 million fully-paid
shares of CanWest MediaWorks (NZ) Limited, a newly-incorporated New
Zealand company, which will acquire CanWest's existing New Zealand
media operations. On completion of the offering, the CanWest
MediaWorksNZ shares will be listed on the NZSX. "The IPO presents
an excellent and rare opportunity for investors in New Zealand to
participate in the ownership of one of the largest, most successful
and diverse media companies in that country," said Tom Strike,
CanWest's Chief Operating Officer (Corporate), who will be Chairman
of CanWest MediaWorksNZ. "For CanWest, the IPO of CanWest
MediaWorksNZ will allow us to realize a significant component of
the value of our New Zealand media holdings, while holding a
substantial stake in that public company. CanWest will use the
proceeds that it receives from the sell-down to reduce its debt,"
said Leonard Asper, CanWest's President and CEO. The CanWest
MediaWorksNZ stable of radio and television brands will include The
Edge, Channel Z, The Rock, More FM, Radio Pacific and Solid Gold,
and 22 regional radio stations, as well as television networks "3"
- the leading privately-owned TV network in New Zealand and C4 -
the newly-launched free-to-air music channel. On completion of the
offering, CanWest MediaWorksNZ will use the funds raised from its
share issue, together with proceeds of a concurrent bank financing
and a further issue of shares, to acquire all of the Company's New
Zealand media operations - CanWest RadioWorks Limited and CanWest
TVWorks Limited. It is expected that public investors will acquire
approximately 30% of CanWest MediaWorksNZ, with CanWest acquiring
an approximate 70% interest in the publicly-traded vehicle. CanWest
may reduce its ownership to 64% of CanWest MediaWorks, if an
over-allotment option is fully exercised. The offering is expected
to open on or about June 9 and close on or about June 29. Goldman
Sachs JBWere has been appointed as lead manager of the offering.
This news release contains comments or forward-looking statements
that are based largely upon CanWest's current expectations and are
subject to certain risks, trends and uncertainties. These factors
could cause actual future performance to vary materially from
current expectations. CanWest may not update or revise any
forward-looking statements or comments, whether as a result of new
information, future events or otherwise. CanWest Global
Communications Corp. (NYSE: CWG; TSX: CGS.S and CGS.A,
http://www.canwestglobal.com/) is an international media company.
CanWest, Canada's largest publisher of daily newspapers, owns,
operates and/or holds substantial interests in newspapers,
conventional television, out-of-home advertising, specialty cable
channels, Web sites and radio networks in Canada, New Zealand,
Australia, Ireland and the United Kingdom. DATASOURCE: CanWest
Global Communications Corp. CONTACT: Geoffrey Elliot, Vice
President, Corporate Affairs, Ph: 204-956-2025, Fax: 204-947-9841,
; John Maguire, Chief Financial Officer, Ph: 204-956-2025, Fax:
204-947-9841,
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