Rural Press Fairfax merger completed: too early for news on radio stations

The merger between Rural Press and Fairfax Media has been implemented. Rural Press spokesperson Bruce Wolpe has told radioinfo it is “too early” to say particular about the merged company’s former Rural Press radio interests.

“There is no change planned to those radio stations at this time. We certainly see them as consistent with our strategic future and we know how proud Rural Press are of the success of those stations. They are consistent with our view of serving local communities.”

Rural Press ordinary and Preferred shareholders (other than Ineligible Overseas Shareholders) have today been issued with either:

(1) 2.0 ordinary shares in Fairfax Media per Rural Press share and Rural Press has despatched payment of AUD$3.30 per Rural Press share to them; or

(2) 2.3 ordinary shares in Fairfax Media per Rural Press share and Rural Press has despatched payment of AUD$1.80 per Rural Press share to them,
in accordance with the terms of the Schemes and the elections made by shareholders in respect of the scheme consideration alternatives.

Holding statements in respect of the new ordinary shares in Fairfax Media issued to Rural Press shareholders have also been despatched today, together with cheques for the cash component of the scheme consideration. Fairfax Media shares issued to Rural Press shareholders under the Schemes are expected to commence trading on a normal settlement basis from tomorrow, 10 May 2007.

Payment of the fully franked special dividend declared by the Rural Press Board on 8 February 2007 of $0.57143 for each ordinary share and $0.62858 for each Preferred share was made yesterday (8 May 2007) to all holders of Rural Press shares at 5pm (Sydney time) on 2 May 2007.

New Officeholders for the merged companies include:

• David Kirk, Sankar Narayan and Gail Hambly have today been appointed directors of Rural Press.

• John B Fairfax, Brian McCarthy, Bruce Gowrie-Smith, Timothy Fairfax, Stephen Higgs, Peter Roach, John Watson and Nicholas Fairfax have today resigned as directors of Rural Press.

• John B Fairfax and Nicholas Fairfax today joined the Fairfax Media Board and Brian McCarthy joined Fairfax Media as Deputy Chief Executive Officer with responsibility for metropolitan, regional, rural and magazine publishing and printing in Australia.

• Carolyn Learoyd has been appointed company secretary and Barry Stofberg has today resigned as company secretary of Rural Press.

Rural Press will shortly request that ASX end the quotation of its Preferred and ordinary shares and remove the company from its official list.