Business Irish

Friday 15 December 2017

INM appoints Peter Cosgrove as chairman of APN

By Ailish O’Hora

INDEPENDENT News & Media (INM) has announced the appointment of Peter Cosgrove as chairman of the board.

The company also confirmed it has withdrawn a request for an Extraordinary General Meeting of the firm, in which it has a 28.95pc shareholding, following the resignation of a number of senior executives yesterday.

Mr Cosgrove has been an APN Board Member since December 2003.

His appointment comes following the resignation of APN chief executive Brett Chenoweth, chairman Peter Hunt and directors Melinda Conrad, John Harvey and John Maasland.

The moves came after shareholders rejected plans for APN to launch a share offering as part of restructuring its business.

Last week, INM called for the resignations, saying it had "lost confidence" in certain directors' ability to reposition the business.

In a statement from APN yesterday, the company said chairman Peter Hunt, Mr Chenoweth, and the directors had resigned effective today. Another director, Kevin Luscombe, has already said he will retire in April.

APN had been looking at a capital raising that would have been launched on Thursday when the company reports its annual results.

"Preparation for the capital raising had been supported by all directors and had been under discussion for several months – although the timing and final decision to proceed had not been agreed," the company said.

"While the board agreed the company needed to reduce its debt, it was unable to agree on the methodology.”

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