Shareholders are at loggerheads with the board and executive of media company, APN, that looks headed for a mass resignation, according to newspaper reports.
The APN chairman, Peter Hunt, and CEO, Brett Chenoweth, recommended a capital-raising for the company, but shareholders opposed the idea, creating an impasse.
Today, one of the largest shareholders, Simon Marais, the managing director of Allan Gray, told The Australian that he would support the resignation of the two leaders and would not back the capital-raising.
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