By: Mark Fitzgerald GateHouse Media, the big community paper chain that began as Liberty Publishing Group, appears to be edging closer to pulling the trigger on its initial public offering (IPO) of stock.
On Tuesday, GateHouse filed an amendment, its second this month, to the IPO registration form it first entered in late July. Like the other documents, this filing does not specifically say when the IPO will be offered, or at what price, but it contains some clues that the chain is could go public soon.
For instance, its proposed prospectus says that "on September, (blank space) 2006, our board of directors declared the third quarter dividend of $ (blank space) per share of common stock, or an aggregate of $ (blank space) for the three months ended September 30, 2006."
Also using blanks for dates and dollar amounts, the document says the board on an unspecified October 2006 day declared a fourth quarter stub dividend.
"We are paying the Pre-IPO Dividends so that holders of our common stock prior to this offering will receive a distribution for the periods prior to this offering," the document states.
It adds that GateHouse's principal owner, Fortress Investment Group LLC of New York City "will receive approximately 96% of the Pre-IPO Dividends."
The proposed prospectus says that GateHouse will pay dividends to shareholders after the IPO.
General Counsel Polly G. Sack said she could not comment on the amended IPO registration form because the company is in the SEC-enforced "quiet period" before offerings go public.
When GateHouse operated as Liberty Group and was principally owned by the Los Angeles investors Leonard Green and Partners LP, the company filed an IPO registration statement, but never brought the offer to market.
Fortress acquired the company in June 2005.
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