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- Release Date: 18/12/12 10:36
- Summary: GENERAL: TME: Fairfax completes sell down of Trade Me stake
- Price Sensitive: No
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TME
18/12/2012 08:36
GENERAL
REL: 0836 HRS Trade Me Group Limited
GENERAL: TME: Fairfax completes sell down of Trade Me stake
Announcement: TME
17 December 2012
Fairfax completes sell-down of Trade Me stake
Following this morning's trading halt, Trade Me Group Limited ("Trade Me")
has been advised that Fairfax Digital Holdings NZ Limited ("Fairfax") has
successfully completed a sell-down of its 51 per cent holding of issued
capital in Trade Me.
Fairfax appointed UBS New Zealand Limited to underwrite and manage the sale
to a broad range of institutional investors at a price of A$3.05 (NZ$3.805)
per share. This represents a discount of approximately 5 per cent on the
closing share price of Trade Me on the ASX on 14 December 2012, prior to the
trading halt. Settlement of the sale shares is expected to occur on 21
December 2012.
Fairfax will no longer be a shareholder in Trade Me.
Trade Me chairman David Kirk said shares had been placed with a broad range
of institutions and that demand had been strong.
"The response shows Trade Me is well-regarded by the market and that
investors are confident about the company's performance," he said. "The
sell-down means there is a significant increase in the free float and
liquidity of Trade Me shares, and ultimately that makes the company more
investable."
Trade Me CEO Jon Macdonald said that "at an operational level it's business
as usual for Trade Me" and that the sell-down would have no material impact
on revenue or costs.
Greg Hywood has resigned from Trade Me's board to concentrate on his Fairfax
duties. Gail Hambly and Sam Morgan, the other Fairfax nominated directors,
offered to resign from the Board. After consideration, the existing
independent directors have asked them to remain on the Board and they have
agreed to do so. "Both Gail and Sam have a deep understanding of how Trade Me
ticks, and it's great to retain their experience and knowledge," Mr Kirk
said.
Shares in Trade Me are expected to resume trading tomorrow.
-ends-
This announcement does not constitute an offer to sell, or a solicitation of
an offer to buy, securities in the United States. This announcement may not
be distributed or released in the United States. The securities offered and
sold in the sale have not been, and will not be, registered under the U.S.
Securities Act or the securities laws of any state or other jurisdiction of
the United States, and may not be offered or sold in the United States unless
the securities have been registered under the U.S. Securities Act or an
exemption from the registration requirements of the U.S. Securities Act is
available.
Contact
Paul Ford, Trade Me
Phone +64 4 803 2611
Email [email protected]
End CA:00231247 For:TME Type:GENERAL Time:2012-12-18 08:36:03
