Aggressive Sydney-headquartered Macquarie Bank is to launch an investment fund targeting those who seek a slice of the action in Australia's present media gold rush. The fund will be financed via an initial public offering expected to raise up to A$996 million ($759.7m; €637.7m; £432.7m).
Some 195.25 million shares will be on offer at between A$4.70 and A$5.05 each, promoted by Macquarie Media Group, which holds 85 commercial radio licences in several Australian cities. The stock will go on sale as of November 18.
Says Macquarie Media chairman Tim Hughes of the new fund: "[It will] provide investors with a combination of exposure to the attractive investment characteristics of the media sector as well as the stable underlying cash flow of Macquarie Regional Radioworks."
The media fund is the first of its kind in Australia - and if successful will likely to be emulated elsewhere on the planet. It follows a tried and tested format that enables the bank to manage assets as diverse as Sydney Airport, several US toll roads, a French wind farm and Chinese shopping centres.
Data sourced from Financial Times Online; additional content by WARC staff