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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
59.5¢ |
Change
-0.005(0.83%) |
Mkt cap ! $141.5M |
Open | High | Low | Value | Volume |
59.0¢ | 59.5¢ | 58.5¢ | $34.35K | 58.22K |
Buyers (Bids)
No. | Vol. | Price($) |
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3 | 20336 | 59.0¢ |
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Price($) | Vol. | No. |
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59.5¢ | 4621 | 4 |
View Market Depth
No. | Vol. | Price($) |
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3 | 20336 | 0.590 |
2 | 3375 | 0.585 |
3 | 4923 | 0.580 |
4 | 9073 | 0.575 |
3 | 53657 | 0.570 |
Price($) | Vol. | No. |
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0.595 | 4621 | 4 |
0.600 | 705 | 2 |
0.605 | 569 | 2 |
0.610 | 87972 | 3 |
0.630 | 325 | 1 |
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