UPDATE: NZME first trades at 85 cents after NZ media assets spun off from APN

Mon, 27 Jun 2016

(Recasts first paragraph, adds first trade at 85 cents in second paragraph) By Jonathan Underhill June 27 (BusinessDesk) - NZME shares debuted on the NZX at 85 cents, the bid price, after holders dropped their ask price from $1.05 to meet a market questioning the valuation of the New Zealand print media and radio assets spun off from APN News & Media. The first trade was at 1pm, an hour after the listing opened. The stock last traded at 86 cents, valuing the company at $168.6 million, compared with a listing price of $1. The spun of...

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