Sports Entertainment Group: A$14.6m Placement

We are delighted to announce that PAC Partners has acted as Joint Lead Manager and Bookrunner to Sports Entertainment Group Limited (ASX:SEG) ("SEG") on its oversubscribed A$14.6 million Placement.

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SEG is Australia's only whole-of-sport media platform and the owner of the Sports Entertainment Network (SEN). In FY26 the group grew revenue 38% to A$152.8 million.

The Placement supports SEG's acquisition of 100% of MediaWorks, New Zealand's number one audio business, for an enterprise value of NZ$130 million (approximately A$107.4 million) on a cash and debt-free basis. MediaWorks is New Zealand's largest radio business and third-largest local advertising platform, with an approximate 59% audience share in the key 25–54 demographic and the rova digital audio platform. The combined business creates a leading trans-Tasman audio, digital and entertainment platform reaching more than 5 million listeners each week.

The acquisition is expected to be 59% EPS accretive on a pre-synergies basis, with approximately A$5 million of annual synergies identified. The price represents approximately 5.1x MediaWorks' CY26 budgeted EBITDA of NZ$25.4 million, reducing to 4.2x post-synergies, and combined pro forma EBITDA is estimated at A$36.1 million, or A$41.1 million after synergies.

The acquisition is funded through existing cash, a new A$87.6 million senior debt facility from the Commonwealth Bank of Australia, the Placement and a Share Purchase Plan of up to A$2 million. The Placement launched targeting approximately A$11.7 million at A$0.28 per share, an 8.2% discount to SEG's last traded price and a 14.6% discount to its 15-day VWAP. Strong support from existing shareholders and a range of new institutional and professional investors saw it upsized to A$14.6 million, with the first tranche of approximately A$9.8 million settling on 20 August 2026 and the balance subject to shareholder approval.

SEG Chief Executive Officer Craig Hutchison described the acquisition as "a transformational step for SEG". The existing MediaWorks management team, led by Chief Executive Officer Wendy Palmer, will continue to lead the New Zealand business, with completion targeted for 1 October 2026.

PAC Partners congratulates Craig Hutchison, Trent Bond, Craig Coleman, Jodie Simm, Wendy Palmer, Chris Giannopoulos, Andrew Moffat, Colm O'Brien, Ron Hall and the SEG and MediaWorks teams on a successful transaction.

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