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Nine Entertainment Co. Holdings Limited (ASX:NEC), an Australian media company from the media and the entertainment sector announced the change in the substantial holding of WIN Corporation Pty Ltd and its controlled entities (WIN Group) concerning NEC.
The form 604 states that the voting power of WIN Group will be 13% and will have a further economic interest of 2.24% as a result of a partial unwinding of the previous cash-settled swap.
As per the notice of change of interest in the substantial holding, the substantial holders include Mr. Bruce Gordon from Birketu Pty Limited (Birketu), WIN Corporation Pty Ltd (WIN) and its associates were previously holding 202,603,262 units of fully paid ordinary shares of NEC with the voting power of 11.88% as per the 1,705,393,253 NEC shares on issue at that date. Other than that, WIN group have an economic interest of 2.24% which allows WIN to pursue another 57,354,824 shares against its cash-settled swaps which is equivalent to 3.36% of the NEC shares.
However, the present notice of change of interest in the substantial holding, the substantial holders will now be holding 221,721,534 fully paid ordinary shares of NEC with the voting power of 13% as per the 1,705,393,253 NEC shares on issue at that date. Other than that, WIN group having an economic interest of 2.24% which allows WIN to pursue another 38,236,552 shares against its cash-settled swaps which is equivalent to 2.24% of the NEC shares.
On 15 January 2019, Birketu acquired 4,779,568 shares of NEC at A$1.5091 per share. There was a relevant change in the interest of Birketu and each member the WIN Group.
On 16 January 2019, Birketu acquired 4,779,568 shares of NEC at A$1.5392 per share. There was a relevant change in the interest of Birketu and each member the WIN Group.
On 17 January 2019, Birketu acquired 4,779,568 shares of NEC at A$1.5766 per share. There was a relevant change in the interest of Birketu and each member the WIN Group.
On 18 January 2019, Birketu acquired 4,779,568 shares of NEC at A$1.6016 per share. There was a relevant change in the interest of Birketu and each member the WIN Group.
The official listing date of NEC on ASX is 6 December 2013 where the performance of the company remained negative till last five years. However, its previous one-year performance was 5.56%.
The annual reports of the NEC for the FY2018, ending on 30 June 2018, the company made a profit of $209.666 million. The balance sheet of the company appears healthy with a net asset base of $1,109.039 million and a debt to equity ratio of 0.67 indicates that the company has sound financial health and is capable of meeting its long-term obligations. Based on the position of the current asset and the total current liabilities of NEC, it can be said that the company can efficiently handle its working capital requirement and its short-term obligations.
By the end of the FY2018, Nine Entertainment Co. Holdings Limited had net cash and cash equivalent of $36.375 million. By the end of the trading on 21 January 2019, the closing price of the share was A$1.610 with the market capitalization of A$2.75 billion and PE ratio of 6.73x.
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