HT&E grabs a stake in oOh!media

Chris Pash
By Chris Pash | 9 April 2020

Radio broadcaster HT&E Limited has taken a 4.2% equity interest in outdoor media specialist oOh!media.

HT&E,  the owner of radio network ARN, says the move is an equity investment in a sector and assets it is very familiar with.

The company, which recently reported holding $111 million in cash and $250 million of undrawn debt facilities, spent $15 million in acquiring the stake.

"HT&E looks forward to supporting oOh!media as a constructive significant shareholder," the company says.

oOh!media says it has not had any correspondence with HT&E and regards the purchase as "totally opportunistic".

"The acquisition of oOh!media shares by another participant in the Australian media sector highlights the strategic value of oOh!media’s assets," says the company in a statement to the ASX.

"In the board’s view, the company remains significantly undervalued based on current trading prices." 

oOh!media is in the middle of a $167 million equity raising to "improve the company’s financial flexibility and liquidity" in uncertain times.

The cash from traising will reduce net debt for the outdoor advertising specialist to $194 million from $355 million. The offer price is $0.53 a share. 

The shares were trading today at $0.77 today, up 21%.

Market analysts are generally upbeat about oOh!media capital raising, and say the company's dominant position in the  outdoor advertising industry will position it for an upswing when the pandemic crisis ends. 

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