"Although we are in a period of transition, we are getting on with business," was APN chairman Peter Cosgrove's message for shareholders yesterday.

Cosgrove may have been understating the “transition” slightly, with APN still in the aftermath of a boardroom clearout in February. The director exodus came as 28 per cent shareholder Independent News & Media opposed the timing of a rights issue.

Shareholders were reassured yesterday that the company is working on hiring a new chief executive (the search is "progressing well") and on finding some new non-executives.

Balance sheet
Having had a "mixed" first quarter, it is also looking at "all options" to strengthen the balance sheet, Cosgrove said.