The Market Herald has been enveloped in drama after minority shareholders pushed out the company’s founder last year.
The Market Herald, which owns online stock forum HotCopper, will issue new stock to raise $15 million, as the company’s father-son minority owners hope to pay down its debt.
In an announcement to the ASX on Tuesday, the media firm said it would soon launch a renounceable entitlements offer, giving shareholders the chance to buy one new share for every six held.The shares would be offered at 34¢ apiece, underwritten by WA mining businessmen David and Gavin Argyle, the father-son duo who are minority shareholders. The Market Herald’s share price was at 40¢ before the company was put in a trading halt on Monday..
Under Mr Sanger, The Market Herald bought the three well-known classified mastheads from Norwegian firm Adevinta, which issued the vendor loan to the Australian company to complete the purchase.The company’s founder had lofty ambitions to turn The Market Herald into a premium media brand, telling investors in November of its ambition to be like the
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