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PRT - PRIME COMPANY LIMITED


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On 01 Nov, Seven West Media (ASX: SWM) announced that it has entered into a conditional Share Sale Agreement to acquire all the business and related assets of Prime Media Group (ASX: PRT) via the acquisition of Prime Television (Holdings) Pty Ltd, Seven Affiliate Sales Pty Ltd and all their subsidiaries.   
 
SWM strongly believes in the rationale of a combined SWM/ PRT Business, which will create the leading wholly owned commercial premium broadcast, video and news network across Australia, reaching more than 90% of the Australian population every month.  

  • The value of PRT at the bid price is $131.9 million
  • This is a 57% premium to the closing PRT share price on 29 October 2021
  • By completion, PRT is expected to have approximately $10 million cash on hand with the balance of PRT’s cash held in various subsidiaries to be acquired by SWM
  • n this basis SWM would pay PRT $121.9 million on completion
  • PRT would be able to distribute net cash on hand to shareholders via a combination of franked dividends or capital return.
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