Sky Deutschland Begins Private Placement

Sky Deutschland Starts Private Share Placement

Dueseeldorf, Germany PPM (Dow Jones, Wall Street Journal)–Sky Deutschland AG recently announced that it has begun a private placement of its shares after its recent capital increase had only limited success.

In August, loss-making Sky Deutschland announced its latest capital increase via private placement offering, but placed just 61% of the 269 million new shares at EUR1.05 each, slightly above where the share has traded in recent days, raising around EUR172 million. That figure is about half of the total amount the company wants to raise to fund its future operations from a range of different measures including the capital increase, a shareholder loan and a convertible bond.

Sky Deutschland is majority owned by News Corp. (NWS), which had a 45.42% stake in the Unterfoehring, Germany-based firm prior to the most recent capital increase, in which it bought 106 million new shares in a private placement. Minority shareholders bought 58 million of the new shares.

The company is now offering the remaining 105 million shares to institutional investors in a private placement. A company spokesman declined to elaborate on a potential discount in the private placement.

The most recent capital hike is the seventh time the company has issued new shares. Since it listed in March 2005, it has had a succession of chief executives as it attempts to move into profitability. Its current CEO, Brian Sullivan, took the helm in April, replacing Mark Williams.

News Corp. owns Dow Jones & Co., publisher of this newswire and the Wall Street Journal.

At 1253 GMT, Sky Deutschland’s shares traded at EUR1.05, flat compared with Monday’s close.

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