West 175 Media Group Inc
19 April 2000
WEST 175 MEDIA GROUP INC:
Share Placing Raises £1.6m for the Company
West 175 Media Group Inc. ('West 175' or the 'Company'), the lifestyle media
group listed on AIM, announces that Apax Securities, its Nominated
Stockbroker, has placed 570,000 new shares with institutional clients at 285p
per share and raised £1.6m for the Company.
The funds will be invested in West 175's internet activities, in particular
Actrix, an established and profitable Internet Service Provider ('ISP') based
in Wellington, New Zealand. Actrix started in 1990, is the oldest ISP in New
Zealand and fifth oldest in the world. It has a highly web-literate
management team which will be deployed across West 175's group of companies,
including its expanding US operations.
Actrix is rolling out its internet telephony project in the second quarter of
Application will be made for the new ordinary shares which rank pari passu in
all respects with the Company's existing issued ordinary shares, to be
admitted to trading on AIM.
Commenting, Rohan Courtney, Chairman of West 175 said: 'These funds will
assist West 175 in further developing our internet activities which is central
to our e-commerce business. Actrix is an old established internet service
provider and the tie-up with West is both logical and timely.'
Rohan Courtney, Chairman, West 175 Media Group Inc 020 8398 7175
Mobile: 07879 498 544
Peter Binns, Binns & Co. 020 7786 9600
Actrix has 7,880 customers (as at March 2000), 30% of which are businesses.
This is almost double the 4,500 it had in March 1999 and reflects the move to
reduce connection charges to boost subscriber numbers. In the 12 months to
March 1999, Actrix generated sales of $0.74m or $164 per subscriber counting
businesses as single subscriber and is modestly profitable (NZ $25k) without
any material marketing costs to date.
Actix has built its reputation primarily in the business community and has a
prestigious customer base including: The Inland Revenue, Ministry of Defence,
ISOCNZ, Wellington Newspapers, US Embassy, French Embassy, and the Internet
Society of NZ, owned by NewsCorp.
Actrix offers its retail customers general ISP services including: e-mail; web
hosting; design and high speed connections. It also offers a range of
enhanced services to its business customers including: intranet telephony;
unified messaging; virtual private networks and virtual ISP's.
In terms of domain names per capita, New Zealand is one of the world's most
networked countries as well as having a high internet penetration of homes.
Said: Paul Swain, Minister of Technology, New Zealand Government: '...50% of
the population of New Zealand now has access to the internet at home or work