NZ Herald floats, then sinks

The NZ Herald parent company had a dreadful start to their much-vaunted float…dropping 20%, and aren’t Mediaworks gleeful about it all.

Newly listed media company NZME debuted on the New Zealand stock market today with its shares closing at 80 cents.

Shares were initially offered at NZ$1 as a reference point because it is a new company listing. It is now up to the market to determine what the company is worth. Shares initially traded around 85c but then closed down. At 80c a share, NZME would be valued at NZ$156.8 million.

NZME owns the NZ Herald newspaper, various regional titles, the GrabOne daily deals website and the Radio Network.

The NZ listing comes after its Australian owners APN News & Media decided to demerge its Kiwi business NZME so it could potentially merge with Fairfax NZ.

Fairfax NZ owns the Stuff website and various newspapers including the Dominion Post.

The merger is subject to approval from the Commerce Commission, but if successful would be completed by the end of 2016.

Meanwhile the NZX50, which opened 1 percent lower on Monday because of the Brexit uncertainty, regained its losses, closing up 0.39 percent.

Asian markets, which fell abruptly last Friday, have had a mixed days trading, with Japan’s Nikkei up 1.6 percent.

Australian stocks were also slightly up, by 0.65 percent.

So the NZX and ASX closed up but NZME closed down. Kind of kills any claims that Brexit affected the float of a dog of a company staffed by idiots who think writing headlines like Ten reasons our float is balls will get them an audience.

They could always buy their audience, like Fairfax does. Their traffic-purchasing company in Australia approached me and sent a proposal to boost my traffic using Fairfax as the case study.

Such is the dishonesty of the mainstream media in New Zealand.

 

– Newshub


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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