APN shareholders will receive shares in NZME in proportion to their existing APN shareholding, while retaining their existing APN shares. Shareholders of APN voted overwhelmingly to approve the demerger of NZME from Sydney-based APN News & Media yesterday. The New Zealand company was taking just over $100 million in debt - about a third of that owed by the group. APN will undertake a one-for-seven share consolidation and shares in NZME will be distributed to eligible shareholders on the basis of one NZME share for one APN share. NZME owns the New Zealand Herald and nzherald.co.nz as well as radio stations including NewstalkZB and e-commerce site GrabOne.

Source: New Zealand Herald June 16, 2016 17:03 UTC