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STATEMENT BY JOHN FAIRFAX HOLDINGS LIMITED ON AAPT SYDNEY, November 5, 1999 -- John Fairfax Holdings Limited [ASX:FXJ] said today that AAPIS, in which it holds a 44% stake, had accepted, through its subsidiary, AAP Communications Holdings Pty Ltd (AAPCH), Telecom New Zealand’s offer of $5.10 per share pursuant to TCNZ’s bid for AAPT Ltd. Mr Fred Hilmer, Chief Executive Officer of Fairfax, said, "This decision is consistent with our objective to realise shareholder value by relinquishing our position in non-core assets." AAPCH will receive $264 million for its 51.766 million shares in AAPT. Distributions to AAPCH shareholders will be addressed at a subsequent date. Note to editors John Fairfax Holdings [ASX:FXJ] is Australia’s leading publishing group. Its mastheads include The Sydney Morning Herald, The Australian Financial Review, The Age, The Sun-Herald, and BRW. In addition, the Company publishes financial and consumer magazines, and provides online and interactive services. In 1999, the company had revenues of over $1.1 billion. Fairfax, through F2 Limited, its wholly owned subsidiary for its online and interactive businesses, is Australia’s leading content provider on the Internet, with more than 1.4 million page views, per day across a network of sites including news, business and finance, sport, auctions, real estate, employment, IT, career, and city guides and directories. |
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Fairfax > Corporate Affairs & Media Releases > Announcements > AAPT
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