Independent News & Media (INM) has raised €65 million from the sale of convertible notes in Australian media group APN but said it remains committed to the company.
INM announced this morning the sale of 31.6 million APN notes which it acquired during APN's acquisition of Wilson and Horton, for a €65 million in cash.
In a statement released by APN, Independent said it will remain APN's largest shareholder with a 44 per cent stake and has confirmed "that it is not selling, nor is currently intending to sell any APN ordinary shares".
"The sale of these convertible notes does not affect Independent's equity holding position in APN; in that, APN News & Media is an integral part of Independent's worldwide operations, accounting as it does for approximately 50 pct of both its revenues and profits. As such, Independent remains wholly committed to APN and the Australian market," it said.
Independent said the convertible note sale will assist the expansion of its global operations, particularly in Britain and Ireland.