18 Feb 2013

APN Media:major shareholder trying to oust board

7:09 pm on 18 February 2013

APN Media - owner of the New Zealand Herald - says it has received a notice from its major shareholder that suggests it could be trying to oust the board.

The company says it has received a notice from Independent News and Media requesting APN directors call and hold a general meeting to consider resolutions to remove six directors, including chairman Peter Hunt and chief executive Brett Chenoweth.

APN Media's stock remains in a trading halt before an another announcement from the company regarding possible capital raising and other matters.

Share trading has been halted since Friday 15 February while the company investigates comments made by Independent News and Media questioning the the leadership of Mr Chenoweth.

Independent News and Media, which is based in Ireland, owns 29% of APN.