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Home / Business / Companies / Media and marketing

Canwest to launch IPO for TV3 and NZ radio stations

19 May, 2004 12:20 AM3 mins to read

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1.00pm

Canwest says it is to launch an initial public offer of television channels TV3, C4 and its New Zealand radio operations.

The IPO will offer 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.

CanWest MediaWorksNZ shares will
be listed on the New Zealand stock exchange.

The public is likely to end up with around 30 per cent of CanWest MediaWorksNZ, with CanWest acquiring an approximate 70 per cent interest in the publicly-traded vehicle.

CanWest said it might reduce its ownership to 64 per cent of CanWest MediaWorks, if an over-allotment option is fully exercised.

The offering is expected to open about June 9 and close about June 29.

Goldman Sachs JBWere has been appointed as lead manager of the offering.

The CanWest MediaWorksNZ stable of radio and television brands will include TV3, and the recently launched free-to-air music channel C4, as well as radio stations The Edge, Channel Z, The Rock, More FM, Radio Pacific and Solid Gold, and 22 regional radio stations.

CanWest MediaWorksNZ will use the funds raised from the share issue, together with bank financing and a further issue of shares, to buy all of the Company's New Zealand media operations - CanWest RadioWorks Limited and CanWest TVWorks Limited.

"For CanWest, the IPO of CanWest MediaWorksNZ will allow us to realise 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 chief executive.

CanWest New Zealand chief executive Brent Impey said the IPO would raise up to $119 million if CanWest sold 30 per cent of the New Zealand operations and $142.8 million if it sells down to 64 per cent.

There will be 227 million shares on issue and the issue price will be $1.75/share. The over-allotment amounts to 13.6 million shares.

CanWest corporate affairs vice president Geoffrey Elliot told NZPA the Canadian company had flagged the selldown for some time.

"Our CEO, Leonard Asper, has been quoted in the media about our priority in debt reduction and looking at opportunities to monetise some of our assets and this was one of the initiatives that emerged from this process."

He said CanWest is "unaware of any plan to sell down its stake any further in the future".

Asked about the option of selling the New Zealand operations with CanWest's 57 per cent owned stake in Australia's Ten network, he said: "Earlier on, there were a number of options looked at, but this was the one in the end made that made most sense."

Mr Impey said he was constrained by legal reasons from giving further details.

The company is expected to list on the New Zealand exchange soon after the offer closes on June 29.

- NZPA

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