Austereo owner confirms sale talks
Austereo’s majority owner Village Roadshow has confirmed that it is in talks to sell the radio group whose networks include the Today Network and Triple M.
In a statement issued to the ASX this morning,Village Roadshow confirmed that discussions were under way. It said:
“Village Roadshow Limited notes the speculation in relation to its 52.52% shareholding in Austereo Group Limited. VRL confirms that it is in discussions in relation to a potential transaction regarding its shareholding in Austereo. The discussions may result in a transaction which, if completed, may result in a disposal of VRL’s shareholding in Austereo.
“There is no certainty that the discussions will result in a transaction or that any transaction will be completed.
And Austereo also issued a statement saying:
“Austereo Group Limited notes today’s announcement by Village Roadshow Limited in relation to discussions regarding a potential transaction involving its 52.52% shareholding in Austereo.
“Austereo is involved in these discussions and protocols have been established to ensure appropriate participation by Directors who are or have been directors of VRL.
“Austereo will keep the market informed as appropriate”
Linkedin
Wouldn’t you think a company involved in the communications business could do better than:
“VRL confirms that it is in discussions in relation to a potential transaction regarding its shareholding in Austereo. The discussions may result in a transaction which, if completed, may result in a disposal of VRL’s shareholding in Austereo.
“There is no certainty that the discussions will result in a transaction or that any transaction will be completed”.
Why couldn’t they say “we are talking about selling our stake in Austereo, but we haven’t reached agreement and might not”.
Bloody pathetic!
User ID not verified.
Hi Dan,
It’s a statement designed for the ASX. There are usually hefty regulatory restrictions about what can be said.
Cheers,
Tim – Mumbrella
Much like this site.
User ID not verified.