NZME shares plummet after listing as former parent APN News & Media also takes a hit

Miranda Ward

June 29, 2016 10:18

Shares in the newly floated NZME business have lost 21% of their value in their first two days of trading.

Meanwhile former parent company APN News & Media has seen 13% wiped off its own share value since the demerger of its New Zealand assets into the new entity.

The company successfully completed the demerger of its NZME (ASX: NZM) assets with the company listing on both the NZX and the ASX on Monday.

NZME – which has assets including the New Zealand Herald and six regional daily papers, the NZME radio network and e-commerce and digital classified sites GrabOne, HeraldHomes and driven.co.nz – saw its share price open at 90c at 2pm on Monday and closing at 77c, further dropping to 71c by close yesterday.

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Miranda Ward

Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.