SMG Issues More Shares, Virgin Radio Still For Sale
November 6, 2007 at 5:42 AM (PT)
U.K. broadcaster SMG is issuing 633.85 million new shares in a move to raise 95 million pounds. The new shares will be issued on the basis of two shares at 15p each for every existing share of stock. The company will also refinance its remaining debt and says that it will continue to pursue a sale of its VIRGIN RADIO division.
SMG sold its PRIMESIGHT outdoor ad business this month and will also sell the PEARL AND DEAN movie theater ad representative firm.