Australian outdoor firm to float on London's Aim market
LONDON – Australian outdoor advertising firm Network is to list on the Alternative Investment Market in London ahead of planned expansion into the Asia Pacific, UK and European markets.
The Network is already listed on the Australian Stock Exchange and the London listing will give the outdoor firm a dual listing.
In Australia, Network acts as broker to approximately 40 owners of billboard and other sites, and recently expanded into site ownership with the acquisition of the Russell Ads, Bridlewood and Buckle Outdoor businesses.
Brendon Cook, Network CEO, said: "We feel this is the right time in the growth of the company to list on AIM. This will broaden our shareholder base and provide access to capital to continue our acquisition programme."
Network originally listed in Australia as a biotechnology company, but switched its focus to outdoor media with the acquisition of advertising site broker, Outdoor Network Australia, in November 2002.
Network's outdoor media business turnover increased to £4.6m in the six months to June 2003 from £1.2 million in the period to December 2002.
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