APN faces crisis as major shareholder increases board unrest

APN faces crisis as major shareholder increases board unrest
SHARE
THIS



Problems at troubled APN News and Media have deepened with a major shareholder demanding the board call an extraordinary general meeting to vote on whether they should be ousted.

The media firm has already written down revenue expectations for this year, and faces one of its lowest ever market values, with shares nearing a low at 30c each, sparking speculation of a revenue raising market capitalisation.

On Friday major shareholder, the Irish Independent News and Media (INM), released a statement saying it was unhappy at the direction of the company, calling for the head of CEO Brett Chenoweth, with APN shares placed in a trading halt.

Today a statement to the Australian Securities Exchange said the company had received a request for the meeting to be held from INM and released the letter.

It reads: “The proposed resolutions are for the removal of the managing director and all other directors other than Messrs Connolly, Crowley, Cosgrove and Harris (to ensure that APN will continue to have sufficient number of directors).

“If all resolutions are passed, INM would expect that the continuing directors would seek to identify and appoint additional independent directors who have the skills and commitment to contribute to the board’s consideration of strategies and initiatives to restore value.”

APN said more updates will be provided throughout the day.

Please login with linkedin to comment

Latest News

Comexposium Takes Over NZ Partner MTS To Become Largest Trans-Tasman Events Group
  • Marketing

Comexposium Takes Over NZ Partner MTS To Become Largest Trans-Tasman Events Group

Marketing events group Comexposium has absorbed its New Zealand joint venture partner MTS to deliver an expanded event solutions business across the Trans-Tasman. The deal will see Ryf Quail (pictured above) return to Sydney to lead Comexposium Australian and Kiwi team, while his current MTS team remains in place as Comexposium employees. While the business […]

Eyeota Kick-Starts 2018 With $15.6 Million In Additional Funding
  • Marketing

Eyeota Kick-Starts 2018 With $15.6 Million In Additional Funding

Audience data provider Eyeota has announced a $15.6 million Series B capital raise to spearhead additional growth in 2018. The company was founded simultaneously in Singapore, Australia and Europe in 2010, and has remained independent and enjoyed strong growth locally, as well as launching into the US. Peter Hunter (pictured above), Eyeota’s general manager for […]

Poem Wins Four New Clients
  • Marketing

Poem Wins Four New Clients

Sydney-based PR and social agency Poem has announced it has won four new clients following another strong year of growth. The four clients are Property NSW (The Rocks and Darling Harbour), Fantastic Furniture, Ovolo Hotels and Purpose (a conference on purpose-driven business). Poem co-founder Matt Holmes said: “We’ve hit a nerve with clients who are […]

Facebook Makes Another News Feed Change
  • Media

Facebook Makes Another News Feed Change

Social media behemoth Facebook has announced its second major update for News Feed to make sure the news people see, while less overall, is high quality. This week, Facebook announced that the platform will launch a small test in the US focused on prioritising news from publishers that users find trustworthy. Facebook is also exploring ways […]

Attention! B&T’s Inaugural Bootcamp Launches!
  • Advertising
  • Marketing
  • Media
  • Technology

Attention! B&T’s Inaugural Bootcamp Launches!

B&T announces its new industry bootcamp! And, if you're like us & didn't know anything about it, all's revealed here.

by B&T Magazine

B&T Magazine
Domain Boss Antony Catalano Exits
  • Media

Domain Boss Antony Catalano Exits

Mystery surrounds Domain boss's surprise exit, although the Mystery Machine nor a talking dog not spotted at Fairfax.

PHOTOPLAY Offers A Ghost Train Ride Like No Other At Sydney Festival
  • Media

PHOTOPLAY Offers A Ghost Train Ride Like No Other At Sydney Festival

Jasmin Tarasin, director at boutique production company PHOTOPLAY, is inviting invites audiences to take a trip through the inner-workings of the mind in ‘Ghost Train’, her latest multi-sensory VR project set to feature at this year’s Sydney Festival. Working in collaboration with musician and co-creative director Jonnine Standish, Tarasin’s uniquely immersive ‘Ghost Train’ is a […]

March One To Rebrand Fundraising Institute Australia
  • Marketing

March One To Rebrand Fundraising Institute Australia

Independent advertising and branding agency March One has been appointed to oversee the rebrand and repositioning of Fundraising Institute Australia (FIA). FIA is the national peak body representing professional fundraising in Australia. It was established to advance advocacy and professional standards, and has identified the need to better promote its role as the industry self-regulator, […]

Victorian Government Launches VR Bushfire Experience Via The Fuel Agency
  • Advertising
  • Campaigns
  • Technology

Victorian Government Launches VR Bushfire Experience Via The Fuel Agency

As part of its summer fire campaign, the Victorian government has launched a virtual reality (VR) bushfire experience and content series via The Fuel Agency. The VR experience places the user in the midst of a large bushfire, and is designed to encourage people to leave early on high-risk days before it’s too late. The […]

Local Ad Tech Company VeNA Partners With RugbyPass
  • Advertising
  • Media
  • Technology

Local Ad Tech Company VeNA Partners With RugbyPass

ad tech company VeNA has signed an exclusive reseller partnership covering Australia and New Zealand with digital rugby network RugbyPass. Across Asia and parts of Europe, RugbyPass is the exclusive digital rights holder and over-the-top broadcaster for live rugby, including the Super Rugby, the Rugby Championship and autumn internationals, the Six Nations, the Aviva Premiership, […]