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.