APN’s NZ shares plunge to record low on board exodus; ahead of ASX trading

Mon, 18 Feb 2013

Feb. 19 (BusinessDesk) - 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 opens in Australia. The shares last traded at 30 Australian cents on the ASX before they were halted last week. Chief executive Brett Chenoweth, chairman Peter Hunt...

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