The Commowealth Bank of Australia and Westpac Banking Corporation wasted little time in picking up a hefty percentage of the shares, with the Commonwealth Bank purchasing 14,516,516 ordinary shares, a five per cent stake, while Westpac took 16,171,793, a 6.21 per cent stake.
Stokes’ move comes hot on the heels of Seven purchasing PMP’s remaining shares in Pacific Publications. Stokes’ initial joint partnership with Pacific Publications came with the 13.9 per cent strategic holding of shares that were just sold off. In the wash up, the deal has netted Stokes a profit of $7million.
However, the sale is not a severing of ties between the two companies, with PMP Printing still holding a long-term contract to print many of Pacific Publications’ magazine titles.
The banks’ interest in PMP Printing is a testament to the turnaround that has taken place since current PMP CEO David Kirk took the reins on March 3 this year. Since his arrival, PMP stock has jumped considerably from $0.44 per share to $0.68.
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