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$50m issue by
Rural Press
SYDNEY: Regional publisher Rural
Press Ltd has gone to the market to raise
$50 million to continue its aggressive ex
pansion program.
The group chairman, John B. Fairfax,
announced yesterday that the company
would issue 8.84 million new shares
through a one-for-three rights issue
pitched at $5.60 a share.
The equity raising iias been timed to
take advantage of the sharp increase in the
company's share price, which shot to an
all-time high of $6.94 last week and closed
trading at $6.80 yesterday.
Mr Fairfax's family company, Marinya
Media Pty Ltd, holds 51 per cent of Rural
Press and will subscribe for its full entitle
ment of shares. The balance has been
underwritten by Schroders Australia Ltd.
Mr Fairfax said the funds would enable
the company to continue its program.
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