Fairfax to raise up to A$300 million for Trade Me purchase

Publisher John Fairfax Holdings said today it would issue as much as A$300 million ($347 million) of securities to fund its purchase of online auction site Trade Me.

Fairfax, Australia's second largest newspaper publisher, said last week it would purchase Trade Me for $700m as a port of its aggressive push into the internet.

Fairfax said it will issue A$250 million of securities with the right to accept an oversubscription of A$50 million.

Shares in Fairfax closed yesterday at A$3.96 after trading between A$3.74-A$4.69 in the last 12 months.

- REUTERS