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INL regains Sky stake

By Phil Boeyen, ShareChat Business News Editor

Tuesday 3rd April 2001

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Independent Newspapers (NZSE: INL) has lifted its stake in pay-TV operator Sky (NZSE: SKY)to take its shareholding back to just under 50%.

The publishing company, which is majority owned by Australia's News Corporation, says it has bought a further 2.9% of Sky.

Purchases were made at an average price of $3.758 and take INL's holding in Sky to 49.96%.

INL says the purchase has restored its stake to just above the level held before a share placement last year, when Sky issued 20 million shares at $3.99 to New Zealand and Australian institutional investors to raise capital.

The $80 million raised in that placement has been allocated for financing infrastructure for digital and interactive services.

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