APN presentation cancelled
APN News and Media were to present their full year financials today at 9am, however following the crisis of the past few days they have cancelled todays proceedings (the results can be viewed here).
Following a week where five directors have quite the embattled company, the recently appointed CFO Jeff Howard will instead brief key investors one-on-one.
Peter Cosgrove, who was appointed Chairman on Tuesday, has signed off on the financials and on the decision to cancel the shareholder presentation.
The five directors who have left the company, including the Chairman Peter Hunt and the CEO Brett Chenoweth, were forced out by APN's two largest shareholders in a dispute over a proposed capital raising.
Brett Chenoweth, in an email to APN staff has said;
“Following a series of discussions regarding the need to raise capital, it has become clear that my views and those of the major shareholders in respect of this matter are irreconcilable. As such, my position and the position of a number of the directors, became untenable".
“I will now not be in a position to finish what I have started. This is the first time in my life that I can say that and I am very disappointed.”
Chenoweth went on to say that he believed APN was a fantastic company and that he would observe its progress with great interest.