NZME completes demerger from APN

NZME will demerge from its Australian parent APN.

Newly-listed NZME, publisher of the New Zealand Herald, said it has completed its demerger from Australia's APN News & Media.

The demerger marks the creation of a standalone company, allowing NZME to focus on operating its New Zealand publishing, radio and digital brands.

NZME shares have been distributed today to eligible APN shareholders at a ratio of one NZME share for every one APN share.

In a separate statement, APN announced the resignation of Sir John Anderson from the company's board, effective from tomorrow.

With the demerger of NZME from APN now complete, Anderson has been appointed independent chairman of NZME.

Anderson has served as an independent non-executive director of APN since his appointment to the Board in March 2015, and has also served as a member of APN's audit and risk committee since May 2015.

NZME's shares, which debuted on the NZX on Monday at 85c, last traded at 77c.