The two shareholders, who between them own 51 per cent of APN were angry about a proposed $150m capital raising proposed by the now former board to pay down debt.

APN has been in severe turbulence for the past year, its share price is 65 per cent down from 95c last February to 30c today.

The company has been severely impacted by a shift ion advertising spend. It has around 20 regional newspaper titles in Australia, as well as the New Zealand Herald. It also owns radio stations, outdoor advertising sites and digital media businesses

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