APN News & Media Ltd. (ASX:APN) agreed to spin-off of NZME on May 11, 2016. Under the terms, NZME will be listed on New Zealand Stock Exchange primarily and later on Australian Stock Exchange. Each shareholder of APN News & Media as on the record date will reveive one new share of NZME for each share of APN held. The settlement amount will be funded by existing capacity under the debt facilities of APN News & Media and NZME and will be paid post Demerger. John Anderson will become Chairman and Peter Cullinane will join the board of NZME. Carol Campbell will also join the NZME Board and further appointments are likely to follow. John Anderson will retire from the APN Board upon implementation of the spin-off. The existing senior executive teams will remain in place for NZME and APN. The deal is subject to approval from shareholders of APN in the General Meeting on June 16, 2016 and Australian Taxation Office. The transaction is subject to regulatory approvals. The APN Board recommends that shareholders vote in favor of the resolution to approve the transaction. As on May 13, 2016, APN News & Media Ltd. raised AUD 160 million from institutional shareholders, part of which can be used to fund the transaction. As on June 1, 2016 the record date for the transaction is agreed to be June 1, 2016. The transaction was approved by APN shareholders on June 16, 2016. As of November 29, 2016, the Overseas Investment Office approved the transaction, but it was still subject to other regulatory approvals and exemptions.. The closing of spin-off and listing is expected to occur in late June or early July 2016. As on June 20, 2016, APN News' shareholders approved the spin off and it remains subject to regulatory approval. On June 24, 2016, APN News & Media reached a binding heads of agreement with the New Zealand Inland Revenue Department (IRD) to settle various taxation matters with respect to the demerger that will be implemented on June 29, 2016. As of June 27, 2016, NZME Limited started trading on Australian Securities Exchange.

Deloitte Corporate Finance Pty Limited acted as financial advisor for APN and has concluded transaction in the best interests of APN shareholders. Grant Samuel & Associates Pty Limited and David Holland, Lauren Magraith, Adrian Lawrence, Amrit McIntyre, John Walker, Hoda Nahlous, Belinda Barnes, Maria Pawelek, Peter Debney, Ivo Basoski, Rebekah Lam, Jeanie Chang, Mary Cate Byrne, Allison Manvell, Matthew De Cataldo and Janet Cho of Baker & McKenzie also acted as financial and legal advisors for APN News. PricewaterhouseCoopers Australia acted as an auditor, PricewaterhouseCoopers Securities Ltd acted as an investigating accountant and Quigg Partners acted as legal advisor for APN News & Media Ltd.