Gavin O’Reilly takes over at APN
Mr O’Reilly, the chief operating office of INM, replaces James Parkinson, who has been APN’s chairman since 1999.
Independent owns around 40% of APN’s shares, which are listed on the Australian stock market in Sydney. Last year Independent, backed by private equity houses, made a failed attempt to take the Australian company private.
Mr Parkinson told shareholders at APN’s annual general meeting that the decision not to accept the buyout offer was “the right one”.
He told shareholders the company was well placed to withstand the current turmoil investment markets with little of its debt due to mature before 2010.
“APN’s overall debt levels remain reasonable, allowing us ample capacity to fund strategic growth opportunities should they arise,” he added.
He said that for the year to date revenues and profit were ahead of the prior year in “challenging market conditions”
“Assuming such conditions do not deteriorate, the board expects APN’s broad range of high quality media assets to again perform satisfactorily in 2008,” he said.
According to analysts surveyed by Reuters, APN is expected to produce earnings of AUS$170.7 million (€104.8m), up from AUS$169.4m in 2007.
Separately, Cameron O’Reilly (brother of Gavin and son of INM chief executive Tony O’Reilly) purchased 19,233 shares in the company, costing almost €37,700.
