Feeds

Fairfax set to IPO auction site

Trade Me set to get traded

Secure remote control for conventional and virtual desktops

Fairfax Media has confirmed that it is selling up to 35 percent of its stake in New Zealand online auction site Trade Me.

The media giant says it intendes to launch an IPO on the New Zealand stock exchange and possible the ASX, subject to financial market conditions.

Should the public offer take place Trade Me would emerge as a stand-alone, New Zealand stock exchange listed company. The successful online site was acquired by Fairfax in 2007 for around NZ$750 million.

The trans-Tasman media group hopes to raise between NZ$350 million and $525 million based on recent market valuations of the eBay-esque asset.

The architect of the original purchase of the company former Fairfax CEO David Kirk, has resurfaced to assist with the process and operate as a non-executive chairman of the company

"Fairfax will continue to benefit from the strong growth profile of Trade Me and through a shareholding of at least 65 per cent," chief executive Greg Hywood said.

The company flagged its intention to sell the asset in June, after a punishing season of eroding advertising sales across the group.

At the time it said that it was considering offloading New Zealands’s biggest online auction site as part of a wider strategic review of its group assets.

Australian analysts differ on estimates on Trade Me’s current valuation, Morgan Stanley said in June that it could be worth between $AU1.1 billion to $AU1.3 billion, while Deutsche Bank said Fairfax could realise $AU391 million by floating 50 percent of Trade Me. ®

Internet Security Threat Report 2014

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple's iPhone 6 first-day sales are MEANINGLESS, mutters analyst
Big weekend queues only represent fruity firm's supply
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Bill Gates, drugs and the internet: Top 10 Larry Ellison quotes
'I certainly never expected to become rich ... this is surreal'
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
EMC, HP blockbuster 'merger' shocker comes a cropper
Stand down, FTC... you can put your feet up for a bit
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.