As foreshadowed by APN, and reported earlier this year on radioinfo, APN is off-loading its regional newspapers to concentrate on its ‘growth assets’ radio (ARN), outdoor and digital.
 
An explanatory memorandum to shareholders issued today explains that “APN’s focus is to prioritise strategic investments on the growth areas within its portfolio in order to deliver the greatest shareholder return”.

“The APN Board is of the view that the Proposed Transaction will enhance shareholder value in the long term by enabling APN to pursue its strategic priorities and focus on its growth assets. For APN, a more defined and targeted portfolio of assets, focused around two significant growth sectors in media of radio and outdoor, will facilitate greater market recognition of the value of the remaining APN businesses.”

 
Recommending that shareholders vote in favour of the sale, APN Chairman Peter Cosgrove said: “After considering the advantages, disadvantages and risks of the other offers, compared to the advantages, disadvantages and risks of the News Corp bid, the APN Directors unanimously consider that the Proposed Transaction is in the best interests of APN Shareholders.”

The APN Board unanimously recommends that you vote in favour of the resolution to approve the Proposed Transaction,” he said

Mr Cosgrove went on to conclude, “On behalf of the Board, I urge you to support the Proposed Transaction by voting in favour of the Proposed Transaction Resolution, either in person or by proxy, at the General Meeting to be held at 10.00am on Friday, 16 September 2016 and thank you for your ongoing support of our company.”