QMS Media looks to raise $20m to buy unnamed target
Outdoor media company QMS is looking to raise $20m from shareholders as it looks to buy an unnamed company.
The company today put its shares into a trading halt on the Australian Securities Exchange pending the announcement of an acquisition, with the Australian Financial Review reporting it is looking to raise $20m from investors.
QMS delivers digital and fixed large billboards across Australia and New Zealand as well as street furniture and print production.
At the time of the trading halt the QMS share price (ASX: QMS) was $1.085, with a total market value of $327.58m.
In August, the company reported an 88% revenue increase to $111.8m and an EBITDA (earnings before interest, taxes and depreciation) of $26.8m for the 2016 financial year.
QMS Media, which listed in June last year, will remain in trading halt until the company makes an announcement to the market which according to a statement filed to the ASX will “be no later than commencement of trading on Thursday, 8 December”.
Earlier this year the company bought half of outdoor rival ABsee Media with an option to buy the rest for around $6m.
Rival outdoor player Ooh Media has also recently splashed the cash acquiring content providers Junkee Media and Executive Channel as part of its digital screens strategy, and also raised $60m through a capital raising.
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