Australia's Prime Media sees best day in 30 years after Seven West deal
01/11/2021 24:56
** Shares of Prime Media Group PRT.AX jump as much as 87%
to A$0.43, marking their best intraday session since Feb 15,
1991
** Co enters deal with Australian broadcaster Seven West
Media's SWM.AX unit, Seven Network Ltd to sell Prime - its
regional affiliate urn:newsml:reuters.com:*:nFWN2RR036
** Co says sale will generate a 36 Au cents per share
dividend for shareholders, including a fully franked dividend of
26 Au cents share
** Seven West shares also climb as much as 5.5% to A$0.48,
hitting highest in two months
** PRT hits highest since Sept 29, 2017
** Deal for a cash consideration of A$131.9 mln ($99.22 mln)
** More than 8.5 mln PRT shares change hands, compared with
the 30-day average of 461,134 shares
** Prime Media up nearly 18% YTD, as of last close
($1 = 1.3294 Australian dollars)
(Reporting by Riya Sharma in Bengaluru)
((Riya.Sharma@thomsonreuters.com;))