Sharechat Logo

APN doesn't have any undisclosed info to explain share price fall

Thursday 26th July 2012

Text too small?

APN News & Media says it doesn't know of any unannounced information to explain its recent share price fall.

The company, which publishes the New Zealand Herald, was responding to a query from the Australian Stock Exchange as to why its shares fell from 60 Australian cents on July 18 to as low as 51.5 cents yesterday when the query was made.

The shares ended yesterday on the ASX at 51 Australian cents, down 2.5 cents on the day. The shares have been sliding on the ASX since April 2010 when they hit A$2.54. On the NZX this morning, the shares are steady at 65 New Zealand cents.

APN noted at its annual shareholders' meeting in early May it had said, "assuming current market conditions continue," first-half net profit before exceptional items was expected to be down about A$3 million on the previous first half.

"This remains the company's position," APN said.

At the same meeting, the company said it was reviewing the carrying values of its intangible assets and of its New Zealand assets in particular.

APN also owns other newspapers in New Zealand, such as the Bay of Plenty Time, Hawkes Bay Today and the Wairarapa Times-Age, and magazines, including the Listener, the New Zealand Women's Weekly and New Idea, as well as the Radio Network, which claims a little over 48% of New Zealand's radio market.

"Whilst that review is incomplete, the directors note that there will be a non-cash impairment charge in respect of the New Zealand publishing intangible assets included in the company's half-year results, the quantum of which is yet to be finalised."

APN expects to report on Aug. 17. The company already wrote off A$159 million, mostly from the value of its New Zealand metropolitan newspapers, in calendar 2011 for which it reported a A$45.1 million loss.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report