Media Release
For immediate release
HT Media launches new offer
19 July 2007: HT Media Limited (HT Media) today announced its intention to make an offer to acquire all the shares it
does not own in MediaWorks NZ Limited (MediaWorks) at a price of $2.68 per share.
HT Media successfully acquired an 82.6% shareholding in MediaWorks through its previous takeover offer of $2.33 per
share (excluding the 10 cents per share special dividend). The decision to make a new offer follows the entry into a
Lock-up agreement with Brook Asset Management (Brook) under which Brook has agreed to sell its approximate 8.70% stake
in MediaWorks into the offer.
HT Media Chairman Kerry McIntosh said: “The Lock-up agreement with Brook will take our shareholding in MediaWorks to
91.3%, enabling us to compulsorily acquire the remainder of the shares when the offer closes”.
“The increased offer takes our weighted average acquisition price for MediaWorks to $2.39 per share. Whilst we would
have been comfortable with the company remaining listed the offer provides us with the opportunity to take the company
private”
HT Media expects to deliver the offer notice to MediaWorks within 14 days and the offer will be sent to shareholders 14
days after delivery of this notice. The offer will remain open for 30 days, immediately after which the compulsory
acquisition process will commence.
The offer will be unconditional and once the offer opens Brook will tender its shares into the offer under the agreed
terms of the Lock-up agreement.
ENDS