APN to make further announcements today
The parent company of ARN and TRN, APN News and Media, have today confirmed in a statement to the market, that there has been a request for a General Meeting made.
The meeting is to consider resolutions for the removal of directors Peter Hunt, Melinda Conrad, John Harvey, Kevin Luscombe, John Maasland and CEO and director Brett Chenoweth (pictured).
You can see the announcement to the market below.
Last week one of APN's largest shareholders, Ireland's Independent News and Media called for the removal of CEO Brett Chenoweth saying that had lost confidence in his ability to "implement the strategic initiatives necessary to reposition APN for the more challenged media landscape that has emerged in Australasia".
Today, Simon Marais, who runs fund manager Allan Gray, a 19% shareholder in APN, has confirmed that he wants the directors replaced. Speaking to The Australian, Marais said;
“It’s better that they go because it’s a silly thing to do (a capital raising). The important thing to do is turn the business around and get it fixed”
The rest of this afternoon will be intriguing, with APN advising there are further announcements to come today.