Radio and newspaper group APN News & Media has gone into a trading halt pending an announcement about capital management initiatives. APN are joint owners of The Australian Radio Networks which includes capital city Classic Hits and Mix brands.
"APN wishes the trading halt to last from today until commencement of normal trading on Thursday, 21 May 2009 unless APN requests the trading halt to be lifted before that time," the company said. APN's statement to the Australian stock exchange on Tuesday followed news that its Irish-based key stakeholder, Independent News & Media, had been granted a grace period by its creditors.