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Australia APN says to raise up to A$99 mln

Mon May 18, 2009 9:41pm EDT

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SYDNEY, May 19 (Reuters) - Australian media firm APN News & Media Ltd (APN.AX) has launched a one-for-five rights offer to raise up to A$99 million ($76 million), the company said in a statement on Tuesday.

The new shares are being sold at A$1.00 each, a 16 percent discount to its last traded price.

APN's biggest shareholder, Ireland's Independent News & Media (INME.I), will not participate in the offer. APN said it will not pay an interim dividend. ($1=A$1.31) (Reporting by Denny Thomas;)



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