APN Outdoor Group Limited (ASX: APO) is happy to announce about the shareholders meeting held on 15 October 2018. The shareholders who are approved by the requisite majorities under the scheme arrangement under JCDecaux SA, will be acquiring 100% of the share capital issued of the APN outdoor. 99.93% of the shareholders supported the scheme resolution. Out of which 95.50% voted in favour of the resolution scheme. In order the scheme to be implemented, it will be a subject to the approval from the Federal court of Australia. The APN outdoor has applied for the scheme and is waiting for the court’s hearing on Thursday 18 October 2018 so that the scheme gets approved by the court. Once the scheme gets court’s approval, APN on the same date of hearing will propose to lodge the orders given by the court with Australian Securities and Investment commission so that the scheme becomes effective thereafter. The record date of the scheme will be Thursday 25 October at 7 pm Sydney time. The implementation date of the scheme is expected to implement from 31 October 2018.
Recently, the Board of Directors declared fully franked special dividend of $0.3 per share to its shareholders. It will be paid on October 29, 2018 with record date of October 22, 2018 and ex-dividend date of October 19, 2018. It is expected that the payment of the scheme consideration is made on the scheme implementation date. As the scheme becomes effective, the shareholders of the APN outdoor will receive a total cash payment worth A$6.70 per share.
For the half yearly results of APN, an improvement of 4% in revenue resulted in 7% growth in EBITDA. The loss of the contract, YARRA Trams has reflected in the growth of rebased revenue of 9%. There was an improvement in the gross margin of 37.7% due to low rent in proportion to the revenue. There was a growth of 1 % in the gross margin. The investment done in the sales and marketing was driving the growth of revenue. A growth revenue of 18% was made through digital marketing and sales. The building up of 9 large format digital billboard resulted in the capex of $14.5 million and the total 134 digital billboard was built across Australia and New Zealand. The company shows a conservative balance sheet. The company has total asset worth A$458.5 million and total liabilities of A$183 million showing company has potential to pay its long-term obligations. The leverage of the company remains conservative encouraging for the future investments. The statutory net profit after tax has gone up by 13%. If we see the cash flow, the operating cash flow of the company is A$ 38.3 million. The free cash flow before non-recurring items is A$23.8 million and free cash flow after non-recurring items is A$21.5 million.
The company has shown a positive performance throughout its inception of 152.86% in terms of stock price. The share price of the company on 15 October 2018 was A$6.680 with a market capitalization of A$ 1.12 billion with PE ratio 24.16x.
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