Nine paves way for float
A meeting of Nine's owners in Sydney on Monday has removed the final hurdles for the media group's public listing.
A draft prospectus was prepared before the meeting as investment banks prepare to sell up to $1 billion of shares in an initial public offering expected to take place in the week beginning December 9.
The passing of a resolution to reduce its share capital wiped out $2.19 billion of accumulated losses, and the directors' fee pool was increased by $1 million to $3 million.
A share split will increase the shares on issue to 800 million ahead of the float. A further 120 million new shares are expected to be issued which is expected to reduce debt to about $600 million.
Oaktree and Apollo, the hedge funds which control Nine with a 54 per cent shareholding, are expected to retain a 40 per cent stake post-float, with the stock in escrow for a year.
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