APN shares drop 15%

Shares in APN News & Media dropped close to a historic low after trading resumed this morning following its two day suspension from the ASX.

Last night saw CEO Brett Chenoweth, chairman Peter Hunt and three directors announce their resignations.

The turmoil came after major shareholder Independent News & Media said it had lost confidence in Chenoweth.

Today shares in APN opened about 15% down – falling from 30c to 25.5c. However, at the time of posting, they had recovered slightly – moving back up to 27.5c, valuing the company at $178m.

The fall is not a historic low for the company – that came in December when shares briefly dipped to 24.5c after it warned of falling revenues.

In 2007 APN stock traded above $6 per share.

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