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Austereo listing lifts Roadshow

Coin raised will be used to reduce company's debt

SYDNEY — Village Roadshow raised $A354 million ($187.6 million) from Monday’s stock exchange listing of Austereo, Australia’s leading radio network.

The issue price was 98¢, on the low end of Village Roadshow’s expectations. Company hoped to strike a price of $1.16.

The shares traded at around 90¢, amid weakness in the media sector and apparent investor nervousness about the Australian economy.

Village Roadshow group manager investor relations Andrew Bowden told Daily Variety that the funds raised will reduce the company’s debt, which was $265 million in the 2000 fiscal year.

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