Jeff Chatfield, the former head of 3AK/3MP who was rolled at a recent general meeting, will sell out of the company.

Chatfield has made it known that he will sell his 17% stake in DCL to the first acceptable bidder who will take the whole parcel of around 26,000,000 shares.

The move indicates he is no longer interested in fighting for control of the company that owns the radio stations.

Rumours that John Singleton will buy the station continue to fly around the radio industry, but are likely to be premature. Singleton may be interested in majority ownership of the station one day, but is unlikely to want to work with 15% shareholder Southern Cross and is on record as saying he will not pay too much, so it is much more likely that Chatfield will find another buyer for his share parcel.

In DCL’s monthly manditory reporting regime to the stock exchange, the company reported $342,000 revenue in July and outgoings of $287,000 on staff costs, and an amount of $340,000 on working capital. Expenditure on advertising and research was nil.