Tag: WAN

As expected, shareholders in West Australian Newspapers Holdings have approved the $4.1 billion purchase of Seven Media Group to create Seven West Media.

Hardly a resounding vote of confidence from the small shareholders in West Australian Newspapers ahead of their company’s planned $4.1 billion marriage to the Seven Media Group (SMG) as part of the grand reshuffle plan of the major shareholder, Kerry Stokes.

West Australian Newspapers shares fell more than 4% yesterday after the company produced a 15.4% per cent fall in first half net profit.

West Australian Newspapers Holdings (WAN) posted a fall in its first quarter net profit for the 3 months to September, 2007 to $20.6 million from the $25.5 million of prior corresponding period.

Even though West Australian Newspapers is riding the resources and property booms in Perth, it’s hard to see it maintaining its current high rating, not with Kerry Stokes, owner of the Seven TV Network, with his corporate foot on its throat.