Seven floats $402 mil offer

The Seven Network formally floated its $ A600 million ($ 402 million) stock offering Thursday and is expected to be listed on the Australian Stock Exchange within a month.

Rupert Murdoch’s News Corp. and Australian Telecom have already picked up a total of 25%, with News naming senior magazine exec Dulcie Boling as its rep on the board of directors.

A condition of Murdoch’s involvement was Seven getting greater access to Fox product.

Seven’s prospectus calls for the issue of 300 million $ A2 shares.

The bulk of the funds raised will go to pay off the $ 320 million still owed to the consortium of 10 banks that took control when the Skase empire collapsed in 1989.

The banks still hold $ 315 million in non-recourse notes, and it is expected that about half that will be retired from the offering.

Additionally, to attract overseas investment, there is a provision for the issue of 39 million $ A2 debentures in lieu of shares.

Chairman Ivan Deveson predicted that earnings before interest and tax to June 1994 would beabout $ 57 million, up from the $ 37.5 million posted for 1992-93.

Total revenue this year is forecast to be $ 372 million, down $ 3 million from fiscal 1992-93 due to costs related to Olympics coverage. This year, Seven will pay a 6 cents final dividend, Deveson said.

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