Independent News & Media Regulatory News (INM)

INM SEEKS REMOVAL OF APN CEO

Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L

14 February 2013, Dublin/London: Independent News & Media PLC ('INM') today announces that it is seeking the removal of Mr Brett Chenoweth as Director and CEO of APN News & Media ('APN'), in which INM holds a 28.95% shareholding.

INM has lost confidence in Mr Chenoweth's ability to implement the strategic initiatives necessary to reposition APN for the more challenged media landscape that has emerged in Australasia. Notwithstanding its market leading positions APN has underperformed as evidenced by a near halving of APN's interim profits in the period from H1 2010 to H1 2012 (most recent earnings report). 

INM has formally advised APN of its views and it is seeking an Extraordinary General Meeting to facilitate all APN shareholders in expressing their views on this important matter.

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