Shares in Australasian media firm APN News & Media have fallen by as much as 13% after the company's chief executive, chairman and three independent directors resigned following a disagreement with major shareholders over plans to raise funds.
Last week, Independent News & Media, which holds almost 29% of APN, said it had lost confidence in management and with the help of institutional shareholder Allan Gray, argued the capital raising championed by the board was not needed at this time.
APN stock fell as low as 26 cents a share, but the price rebounded slightly to be down 2 cents to 28 cents each.