Seven West Media has all but wrapped up its $440 million one-for-two rights issue after a solid take-up of the retail component.
The media group said 71 per cent of eligible retail shareholders had taken up their entitlements. Even allowing for the inclusion of private equity group KKR, which holds 11.8 per cent of Seven West Media, the take-up is better than anecdotal evidence may have suggested when the underwritten offer at $1.32 a share was launched a month ago.
The 29 per cent retail shortfall of about 41 million shares will be sold via a bookbuild.
Seven West Media, the owner of _The West Australian _, will use the proceeds of the raising to reduce its debt.Today's announcement came after the company's shares closed 5.5¢ down at $1.525.