Seven West Media looks to raise up to $600m from shareholders ahead of potential reforms

Alex Hayes

April 29, 2015 10:58

Worner

Seven West Media (ASX: SWM) has frozen its shares and announced it is looking to raise between $150m and $600m by issuing new shares in the company, in a bid to pay off debt and put some cash on hand.

The move comes amid potential changes to media ownership laws which could see companies like Seven West Media being allowed to buy other media companies, such as its regional affiliate Prime.

This morning the company also announced preference shares held by Kerry Stokes controlled Seven Group Holdings (ASX: SVW), already the majority shareholder in the company, were being converted into full shares a year early, netting SWM around $340m.

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Alex Hayes

Alex Hayes worked for Mumbrella from 2013 to 2017 in roles including editor and head of Mumbrella Bespoke.

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