APN is seeking $100 million in a one-for-five entitlement offer to shareholders at a price of $1 a share — a 16 per cent reduction compared to its last traded share price of $1.19. The offer is comprised of a $79m institutional component and a $20m retail component. The institutional component is already fully underwritten by RBS Equity Capital.

Ireland-based INM has already said it will not be participating in the venture. A report in today’s Australian says INM’s stake will fall from 39 per cent to 32.2 per cent if 100 per cent of the offer is taken up, or to 33.3 per cent if just the institutional offer is taken up.

INM attempted to sell its stake in APN last year, but withdrew the offer after failing to find a buyer to match its asking price.

In addition to its outdoor advertising business, APN publishes 14 daily newspapers and 75 community publications in Australia, as well as 10 daily newspapers in New Zealand.

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