APN chief responds to Herald buyer speculation

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

UPDATED 3pm // APN has released a statement to the NZX, saying it has "nothing to announce at this stage," amid speculation the company has found a buyer for its New Zealand assets. 

APN's share price has jumped 20% to 54 cents on the NZX this morning, but have since dropped back to 50 cents.

New Zealand's chief executive, Martin Simons, told NBR ONLINE there is no "imminent deal" on the sale of the company's New Zealand assets. 

APN hired Deutsche Bank in May to conduct a "strategic review" of its New Zealand assets, which includes The New Zealand Herald, The Listener, and a 50% stake in The Radio Network.

"There's certainly nothing out of that process that would be driving that change," Mr Simons told NBR ONLINE.

"We've said to the market we are doing the review, it is in process, there are a number of interesting discussions and there's been no conclusion at this point.

"Certainly, there is no imminent deal in New Zealand that is driving any share price movement."

Mr Simons says he is also not aware of anything in Australia which would be driving its share price there.

APN shares surged 25% on the ASX 200 yesterday, leading investors to wonder if it is about to announce a sale.

But today they slipped 5.8% to A40.5 cents this morning.

APN's shares on the NZX reached a one-year low of 37 cents early September following the departure of the company's chief financial officer, Peter Myers.

A year ago they were at $1.04. 


This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

3 Comments & Questions

Commenter icon key: Subscriber Verified

So Barry got a good price for the NBR then?

Reply
Share
  • 0
  • 0

Basically mirrors the drop when Peter Myers announced he was off...maybe he's had a change of heart.

Reply
Share
  • 0
  • 0

Insider knowledge in my op[inion

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7680 0.0000 0.00%
AUD 0.9866 0.0000 0.00%
EUR 0.7101 0.0000 0.00%
GBP 0.5130 0.0000 0.00%
HKD 5.9663 0.0000 0.00%
JPY 91.3140 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1202.7 5.690 2015-04-17T00:
Oil Brent 63.5 1.740 2015-04-17T00:
Oil Nymex 55.7 -1.000 2015-04-17T00:
Silver Index 16.2 -0.050 2015-04-17T00:

Indices

Symbol Open High Last %
NZX 50 5881.8 5884.7 5881.8 -0.34%
NASDAQ 4966.1 4974.1 5007.8 -1.52%
DAX 11942.4 12019.8 11998.9 -2.58%
DJI 18102.6 18102.6 18105.8 -1.54%
FTSE 7060.4 7093.5 7060.4 -0.93%
HKSE 27808.2 27969.4 27739.7 -0.31%
NI225 19810.4 19815.2 19885.8 -1.17%