Independent News to raise 43 mln euro to protect cornerstone APN stake

Fri, 22 Nov 2013

By Paul McBeth Nov. 22 (BusinessDesk) - Ireland’s Independent News & Media is seeking 43 million euros of fresh capital from new and existing investors as it works through the final phases of a multi-year debt restructuring plan to protect its cornerstone stake in APN News & Media, which publishes the New Zealand Herald newspaper. The Dublin-based company will sell up to 430.8 million new shares while existing shareholders will be offered about 183.5 million shares in a 1-for-3 issue at 7 euro cents apiece. INM needs to slash its bank debt...

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