July 26, 2012
APN News and Media – publishers of the South Burnett Times newspaper – has been quizzed by the ASX over why its shares have dropped in value, alongside an increase in the volume of share trading.
On July 18, APN shares were trading at 60 cents but hit a low of 51.5 cents yesterday.
They are currently trading at 52 cents per share.
The ASX wrote to APN yesterday asking if the company was aware of any information concerning it that had not been announced which could explain the recent trading activity, and if there was any reason to believe there may be a change in the operating profit.
APN Company Secretary Yvette Lamont answered “no” to the first question and noted that at the AGM held on May 2, it was stated that APN’s net profit after tax for the half-year ended June 30 was expected to “be behind last year by approximately $3 million”. She said this remained the company’s position.
However, she said APN was reviewing the carrying values of its New Zealand publishing assets. The results of this review would be released to the ASX on August 17.
She said there was no other explanation that APN may have for the price change and the increase in volume of securities traded.
The recent share price slump is the latest in a string of reverses for shareholders. The current 52c price is roughly 90 per cent down on the company’s $5.78 share price in July 2007.
