Following the purchase of Ginger Media in January (see Scottish Media Gets Regulator’s Approval For Ginger Takeover), Scottish Media Group has announced plans to restructure its share capital. The plans will effectively create a 4-for-1 share split and also involve rebranding in order to reflect a wider UK presence.
The scheme is still subject to approval. It would offer four new shares of par value 2˝p for every 10p share held, in order to improve the marketability of the new shares.
A new holding company will be created, known as SMG Plc. Losing the “Scottish” aspect of the company name reflects a push into the English market. Scotland now represents just 10 per cent of the UK market. SMG Plc will also have a clearer demarcation of its main businesses: television, publishing, out-of-home advertising and radio.
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