APN chief responds to Herald buyer speculation
UPDATED: The dual-listed publisher's share price has jumped NZX amid speculation a "strategic review" had resulted in a buyer.
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.
Caleb Allison
Wed, 03 Oct 2012
Wed, 03 Oct 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
APN chief responds to Herald buyer speculation
24326