CANWEST TO RECEIVE A$26 MILLION DISTRIBUTION FROM AUSTRALIA'S NETWORK TEN.TORONTO--(BUSINESS WIRE)--Nov. 10, 1994--The Board of Directors of Network Ten Television in Australia Television in Australia began on the 16th of September, 1956 in Sydney and has since grown to cover the entire country. Local programming, over the years, has included a broad range comedy, sport, and in particular drama series, in addition to news and current affairs. , in which CanWest Global Communications CanWest Global Communications Corp. TSX: CGS TSX: CGS.A NYSE: CWG is one of Canada's largest international media companies. The company's head office is situated in Winnipeg, Manitoba, at the tallest building (CanWest Global Place) in the city and it is on the Corp. (TSE/ME:CWW CWW Compressed Work Week CWW City West Water (Australia) CWW Church Without Walls (various religious organizations) CWW Columbus Water Works (Columbus, Georgia, USA) ) maintains a significant economic interest, has declared a dividend in the amount of A$22.8 million payable November 15, 1994. CanWest, which indirectly owns approximately 15% of the shares of Network Ten, will receive a dividend of A$3.4 million. CanWest also holds subordinate participating debentures which will receive an interest payment on the same date in the amount of A$22.8 million, net of Australian withholding tax The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. . When combined with the distributions made in December 1993, investors in Network Ten have now had approximately 60% of their initial investments returned to them in just under two years. The network also reduced its acquisition debt by approximately 50% during the same period. Commenting on this outstanding performance, I.H. Asper, Q.C., Chairman and Chief Executive Officer of CanWest said, "We anticipate further distributions of a similar amount prior to the end of the 1994-95 fiscal year which will result in a precedent-setting return of more than 100% of the original cash investment to investors within 30 months." Asper, who was elected Deputy Chairman of the Board of Network Ten at its recent annual meeting in Sydney, Australia, stated that the Australian results were even more remarkable than he had envisioned when CanWest negotiated the deal in December, 1992: "Needless to say, our Australian colleagues are more than happy to have joined with us in this investment consortium, and, for our part, we are encouraged to continue seeking further opportunities in international broadcasting  This article or section may be confusing or unclear for some readers.Please [improve the article] or discuss this issue on the talk page. ." Peter M. Liba Peter Michael Liba, CM, OM (May 10, 1940 - June 21,2007) was a Manitoba journalist and office holder. From March 2, 1999, to June 30, 2004, he served as the lieutenant-governor of Manitoba. , C.M., Executive Vice-President of CanWest, and a recently elected director of Network Ten, echoed Asper's sentiments: "We are very proud to be a part of the dramatic turnaround of this television network. While the June, 1994 year end results were most satisfactory, we are looking forward to even further financial improvement during the current fiscal year. Australia is enjoying an economic boom after several years of recession, making the future of Network Ten very promising indeed." CanWest operates the CanWest Global System in Canada, and has significant broadcast interests internationally. CONTACT: CanWest Global Comm See comms. . Corp., Toronto Thomas C. Strike, 204/956-2025 |
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