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Shares in Village Roadshow Ltd (ASX:VRL) closed almost 15 per cent stronger on Monday after announcing it had accepted Southern Cross Media Group’s (ASX:SXL) offer for its 52.5 per cent stake in radio broadcaster Austereo.
The theme park operator will receive initial proceeds of around $362 million from the sale which will likely result in a pre-tax profit of around $205 million.
Village Roadshow intends to put the funds towards pursuing growth in China, investing in its film and music division and distributing $1 per share to shareholders in July.
At the beginning of the month the company sold its Sydney Attractions Group for $115 million to England’s Merlin Entertainment Group.
Yesterday shares in Southern Cross Media Group fell 1.49 per cent to close at $1.65. Shares in Village Roadshow climbed 14.94 per cent to close at $4.00.
In the first six months of the 2011 financial year, Village Roadshow generated a net profit of $48 million.
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Last
77.0¢ |
Change
-0.035(4.35%) |
Mkt cap ! $184.7M | |||
| Open | High | Low | Value | Volume |
| 79.0¢ | 80.0¢ | 76.5¢ | $146.4K | 186.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5608 | 77.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 78.5¢ | 7728 | 1 |
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| Last trade - 16.10pm 12/09/2025 (20 minute delay) ? |
| SXL (ASX) Chart |