Outdoor advertiser and Junkee Media publisher oOh!Media says rumours of an impending management buyout are “without basis or fact”.
The billboard and sign operator on rejected speculation on Monday it had enlisted Macquarie Capital to help it find a private equity firm to back a buyout and delist it from the ASX.
Chief executive Brendon Cook said the suggestion – raised via an article in The Australian – was incorrect and the company had nothing to disclose.
“The article is without any basis in fact,” Mr Cook said after the company entered a trading halt to address the matter.
“oOh!’s board and management confirm they have not received any proposal regarding a management buyout nor are they in any discussions regarding a potential management buyout and has nothing to disclose”.
Shares in the company had climbed 0.52 per cent to $2.885 by 1050 AEDT after emerging from the trading halt.
The company’s stock hit a four-year low of $2.29 last month in the wake of a 94.4 per cent fall in first-half profit, which it blamed on May’s federal election and exceptionally weak market conditions.
AAP
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