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Australia APN seeks to raise A$100mln-sources

Mon May 18, 2009 9:10pm EDT

Stocks

   

SYDNEY, May 19 (Reuters) - Australian media firm APN News & Media Ltd (APN.AX) is seeking to raise about A$100 million ($76 million) through a rights offer, two fund managers who were approached by APN's advisers told Reuters on Tuesday.

The one-for-five rights issue is being offered at A$1.00 each, a 16 percent discount to its last traded price.

An APN spokesman was not available for comment immediately.

Earlier, APN halted trading in its shares to announce capital management initiatives [ID:nSYD53091]. ($1=A$1.31) (Reporting by Denny Thomas;)



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