Tag Archives: APN Board Battle

APN News & Media plans to go to the High Court to defend an IRD claim to $48m (plus 50% penalties and interest) over interest claimed on “certain financing transactions”. The dispute involves tax of NZ$48 million for the period up to 31 December 2012. The IRD is seeking to impose penalties of 50% of the tax in dispute and …

APN Battle  Beleaguered APN News & Media, the Australasian publisher of the New Zealand Herald, has increased write-downs on the value of goodwill and its newspaper mastheads in its end of year result, to produce a net loss to Dec. 31 to A$455.8 million. The decision to add a further A$151 million on non-cash impairments to the A$485 million already …

APN Battle  Shares in APN News & Media plunged to a record low in New Zealand trading after the media group’s chief executive, chairman and three independent directors walked over strong-arm tactics by its two biggest shareholders to stop a capital raising. The shares dropped 14 percent to a record-low 31 cents, with just 12,000 shares changing hands before trading …

apn  APN will announce its annual results on Thursday, and analysts are picking the media group to post a bottom line loss of A$287.5 million, according to forecasts collated by Reuters. Those picks include a 14 percent fall in sales to A$915.9 million and a 29 percent slump in earnings before interest, tax, depreciation amortisation and depreciation of $150.1 million. …

APN Battle  “It is with much regret that I need to inform you that I will be leaving APN tomorrow. The Chairman and I and a number of the independent directors have today resigned from the Board of APN. This was not a decision that was made lightly by any of us. Following a series of discussions regarding the need …

APN Battle  The Australian Financial Review gets to the nub of the stoush that saw five of Herald publisher APN’s directors walk overnight after Ireland’s Independent News and Media exercised its shareholding muscle. The article it notable for suggesting INM’s own CEO Vincent Crowley might be a candidate for the new APN CEO role. Crowley – who is Irish – …

Updated  APN News & Media chairman Peter Hunt has this evening formally announced his resignation and that of CEO and Managing Director Brett Chenoweth and three other directors – John Maasland, Melinda Conrad and John Harvey –  to the ASX. The five resignations take effect from 9am tomorrow morning (Australian Eastern Seaboard time). A further director, Kevin Luscombe, will retire …

APN Battle  Tough words from The Australian’s veteran business commentator John Durie this afternoon. The bottom line in the APN News & Media battle is as things stand, the equity raising is dead. “Shareholders own the company, not the chief executive Brett Chenoweth and chairman Peter Hunt, who now have no choice but to resign. ” Durie then dishes out …

APN Battle  The Australian reports that APN News & Media’s second-largest shareholder, Simon Marais, supports the potential resignations of the company’s chief executive and chairman, and will not support a proposed capital raising. “It’s better that they go because it’s a silly thing to do … putting the cart before the horse,”  Marais, the managing director of fund manager Allan …

APN Battle  Independent News & Media, the Irish media group controlled by billionaire Denis O’Brien, wants a clean-out of APN News & Media’s boardroom after gunning for chief executive Brett Chenoweth’s head last week. The Irish group has made an official request for a general meeting that would put APN independent directors Chenoweth, Melinda Conrad, John Harvey, Kevin Luscombe, John …