Chenoweth gone from APN

APN's Chief Executive Brett Chenoweth, and Chairman Peter Hunt, have just quit the company in a day of metaphorical bloodshed at the ARN and TRN parent entity.

The two directors have quit after the company's two largest shareholders said they had lost confidence in them.

Both Chenoweth and Hunt have just informed the board at a crisis meeting in Sydney of the decision. There are a further four directors who are believed to be considering resigning, but have not done so at this time.

The key issue has been around how the company will handle it's debt levels, and share price. Chenoweth and Hunt were in favour of a capital raising, however, the two major shareholders would not support that decision, over-ruling the wishes of the majority of the directors and therefore rendering Chenoweth and Hunts positions in particular untenable.

Allan Gray Managing Director, Simon Marais, has been particularly critical of the incumbent board today, telling the AFR;

“If the board insists the only way is a rights issue, we’d rather be rid of them. I would be astonished if management would try this [capital raising]. The best thing for the company is to resolve it straight on, and management to say ‘we won’t do it’ or ‘we’ll go'"

APN will be releasing a statement to the market shortly.