HT&E makes ‘opportunistic’ purchase of 11m Ooh Media shares

Media business Here, There and Everywhere (HT&E) has acquired 11m shares in Ooh Media, equal to 1.8% of Ooh’s issued capital.

Ooh Media denied corresponding with HT&E about the acquisition, and said it “regards the purchase as totally opportunistic”. HT&E has confirmed it owns a 4.2% interest in Ooh.

Ooh Media has denied knowledge of the HT&E share acquisition

Ooh Media, which owns youth publisher Junkee Media as well as a number of outdoor assets, recently announced a fully underwritten capital raising round to help it weather the economic storm brought about by the coronavirus (COVID-19) pandemic.

HT&E is the parent company of Australian Radio Network (ARN). It formerly owned street furniture business Adshel, which it sold in 2018 to Ooh, and has since focused on dropping its assets which aren’t audio-focused, including The Roar and esports business Gfinity.

Ooh Media said it views the acquisition of the shares as a positive reflection on its business.

“Ooh Media is the leader in the out of home sector in Australia/ New Zealand and the acquisition of Ooh Media shares by another participant in the Australian media sector highlights the strategic value of Ooh Media’s assets and in the Board’s view the company remains significantly undervalued based on current trading prices,” read a statement from Ooh Media to the ASX.

At close on Wednesday, April 8, Ooh’s shares were priced at $0.64.


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