SYDNEY Feb 18 The chief executive, chairman and
independent directors of Australia's APN News & Media
resigned on Monday after major shareholder Independent News &
Media (INM) said it had lost confidence in management
and scuppered a planned capital raising.
APN said Chairman Peter Hunt, Chief Executive Brett
Chenoweth and three independent directors announced their
resignations, effective Tuesday, after failing to convince
shareholders to launch a renounceable pro-rate capital raising
at its full-year results on Feb. 21.
Irish-based INM, which holds a 28.95 percent stake in APN,
on Thursday said it had "lost confidence" in Chenoweth's ability
to run the company, which includes operations in Australia, New
Zealand and Hong Kong, and called on him to quit. INM was backed
by fund manager Allan Gray, APN's second-largest
"Independent News & Media plc (INM) and its major
shareholder together with Allan Gray representing approximately
51 percent of APN's shares have unequivocally indicated they are
opposed to a capital raising at the present time," APN said in a
"The Departing Directors have a different view on gearing
levels to the major shareholders and in light of their opposing
position it is not tenable for them to continue," APN said.
INM is best known for its flagship UK publication, the
Independent, while APN owns the New Zealand Herald, radio
networks, digital titles and outdoor advertising assets.
APN shares were on a trading halt on Monday after closing at
A$0.30. The stock has crashed from a high of A$6.16 set in 2007.