APN can't explain share price fall
Thu, 26 Jul 2012 11:23a.m.
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 on Wednesday when the query was made.
The shares ended Wednesday 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 AU$2.54. On the NZX on Thursday morning, the shares are steady at 65 New Zealand cents.
APN told its annual shareholders' meeting in early May that "assuming current market conditions continue" first-half net profit before exceptional items was expected to be down about AU$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 regional newspapers in New Zealand, and magazines including the Listener, the New Zealand Women's Weekly and New Idea, and half owns the Radio Network, which claims a little over 48 percent 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 said.
The company already wrote off AU$159m, mostly from the value of its New Zealand newspapers, in calendar 2011 for which it reported a AU$45.1m loss.
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