Could be an interesting AGM this Wednesday. Shareholders might want to have answers on the following:
1. Do they have a genuine buyer for the Australian Regional Newspaper group or not? Sale process started in Feb but still no announcement.
2. They've said they have plans for divesting their New Zealand subsidiary, NZME and all will be revealed at the AGM. Details will be carefully scrutinised.
3. The listed Company would then comprise of the Aust Radio Network stations and the outdoor advertising group, Adshel. But the above two disposals account for $88mil out of a total $166mil EBITDA so it is a form of liquidation and wouldn't make sense without merging what's left into another listed company such as Nine Entertainment(NEC) - so hopefully shareholders will get some details on this proposed deal also.
If BOD doesn't come clean on what the End Game is then there might be some disgruntled shareholders in the room.
I'll be there.
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