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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…

user iconLawyers Weekly • 31 March 2009 • Big Law
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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.

 
 

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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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