May 11 (Reuters) - APN News & Media Ltd (APN) :
- Proposed demerger of nzme (APN)
- Eligible APN shareholders will receive one share in nzme for each existing APN share
- Says APN to raise approximately $180 million through a fully underwritten 1 for 3 accelerated renounceable entitlement offer
- APN board intends to initially target a dividend payout ratio of 40%-60% of underlying npat following the demerger
- APN and Fairfax Media separately announced entry into exclusive discussions regarding potential merger of respective New Zealand businesses
- One-off cash transaction costs associated with the demerger are expected to be approximately $8.3 million on a pre-tax basis
