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RealTime IT News

Australian Content Firm to Float

Sydney-based content publisher and provider Horan, Wall & Walker (HWW) is to raise AUS$6.1 million (US$4 million) through a public share issue.

The company will float 16.7 million shares at AUS 50 cents each. Of this total float, 12.2 million have come through an underwritten issue of new shares, while existing shareholders are contributing the other 4.55 million shares.

HWW executives will maintain 52.6 percent of the company's total 44.3 million shares.

The company specialises in creating content for the finance, property, and entertainment areas for its own Your Mortgage Magazine's online site, as well as for Yahoo! Australia & New Zealand, Australia's AOL site, and local ISP OzEmail.

HWW also provides content for the domestic online city guide CitySearch and the NSW daily newspaper The Sydney Morning Herald through Australian Property Monitors, a 50/50 joint venture the company struck with John Fairfax & Sons.

HWW, which is valued at AUS$22.15 million (US$11 million) at the offer price, expects to increase its revenue to AUS$1.58 million in the year to June 2000 in the wake of this float.



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