CanWest Global Communications Corp. Ten Network Holdings Registers Prospectus Paving Way for Purchase of Network Ten Shares.WINNIPEG, Manitoba--(BUSINESS WIRE)--March 4, 1998--CanWest Global Communications (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CGS CGS centimeter-gram-second system. CGS or cgs abbr. centimeter-gram-second system. CGS, c.g.s. .A)(TSE:CGS.S)(NYSE NYSE See: New York Stock Exchange :CWG CWG Conversations with God CWG Core Working Group CWG Certification Working Group (WiMAX Forum) CWG Collaboration Working Group CWG Commercial Working Group (TAT-14) ) Ten Network Holdings to acquire additional 38.29 percent of Australian network; CanWest to maintain original 57.5 percent economic interest 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. today announced that Ten Network Holdings Limited (Ten Holdings) had lodged for registration a prospectus with the Australian Securities Commission for the offer of 174,175,010 ordinary shares at an offer price of A$2.15. The offering has been fully underwritten by Australian underwriters Macquarie Underwriting Limited and JB Were & Son. The proceeds of the issue of the Ten Holdings' shares, less certain transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , will be used by Ten Holdings to directly or indirectly purchase 38.29 percent of the issued ordinary shares (representing a 19.14 percent economic interest) of The TEN Group Limited (TEN), from certain parties, some of which acquired those shares with financing provided by CanWest. The majority of the TEN shares being purchased (37.50 percent of the issued TEN shares, representing an 18.75 percent economic interest) are those that have been the subject of controversy with Australian regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . TEN owns and operates Australia's TEN Television Network. Ten Holdings is a newly formed Australian public company which is participating in a corporate reorganization with Telecasters North Queensland North Queensland is the northern part of the state of Queensland in Australia. Queensland is a massive state, larger than most countries, and the Tropical northern part of it has been historically remote and underdeveloped, resulting in a distinctive regional character and Limited (TNQ TNQ Tropical North Queensland (Australia) ), another Australian public company. TNQ currently owns 40 percent of the shares (representing a 20 percent economic interest) in TEN. Upon completion of the reorganization, TNQ will become a wholly-owned subsidiary of Ten Holdings, and TNQ's shareholders will become shareholders of Ten Holdings. "We have been working on this transaction for many months and are extremely happy to have passed this milestone," stated Peter Viner, CanWest's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With the underwriting complete and marketing about to commence, the sale of the TEN shares should be completed in early April. "Discussions with Treasury officials resulted in some revisions in the form of the transaction in order to make it acceptable to the Government. The amendments which we have made fully address the concerns expressed by the Government and relevant regulatory authorities," added Mr. Viner. "We were encouraged by the Government's acknowledgment acknowledgment, in law, formal declaration or admission by a person who executed an instrument (e.g., a will or a deed) that the instrument is his. The acknowledgment is made before a court, a notary public, or any other authorized person. of our special history with TEN, and its confirmation that CanWest's maintaining its 57.5 percent economic interest in TEN will continue to be in conformity with Government policy." "With these Governmental and regulatory issues behind us, we and our fellow shareholders in TEN can turn our minds to actively developing TEN's business," stated I.H. Asper, O.C., Q.C., CanWest's Executive Chairman. Upon completion of the transaction, Ten Holdings will own 78.29 percent of TEN's issued shares, representing a 39.14 percent economic interest in the network. CanWest will maintain its original 14.99 percent shareholding interest in the network, which when combined with certain debenture securities, gives it a 57.50 percent economic interest in TEN. CanWest's shares in TEN will be exchangeable into Ten Holdings' shares on a one for one basis. Ten Holdings' share offering is conditional, amongst other things, upon completion of the Ten Holdings/TNQ corporate reorganization. Because Ten Holdings is now in the process of offering shares to the public, CanWest officials can make no further comment on the matter at this time. CanWest Global Communications Corp. is an international media company. In Canada, CanWest owns and operates the Global Television Network and Global Prime. Internationally, CanWest owns and operates New Zealand's TV3 and TV4 television networks and More FM radio network, and has significant investments in Australia's TEN Television Network and the Republic of Ireland's new TV3 Television Network. CONTACT: CanWest Global Communications Corp. I.H. Asper, O.C., Q.C., 204/956-2025 204/947-9841 (FAX) or CanWest Global Communications Corp. Peter Viner, 204/956-2025 204/947-9841 (FAX) |
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