Sanger tipped to leave TMH

UPDATE: The Market Herald has confirmed Jag Sanger will no longer be managing director of the company but will remain as a non-executive director.

The company advised the market this afternoon that Mr Sanger has been placed on leave and would not be performing an executive role in the company.

"The action has been taken following a review of Company operations and ongoing discussions within the Board on the future direction of the Company," the market announcement said.

Gumtree Australia, Carsguide and Autotrader chief financial officer Tommy Logtenberg has been appointed acting CEO effective immediately, with non-executive chairman Alec Pismiris and non-executive director Gavin Argyle expected to increase their involvement to support The Market Herald amid a search for a new managing editor.

Earlier

The Market Herald has flagged new financing initiatives, a day after the company’s major shareholder David Argyle called for a meeting to oust managing director Jag Sanger.

The ASX-listed company advised the market yesterday that Mr Argyle used his shareholding to force a general meeting to consider the removal of Mr Sanger, with immediate effect.

According to the announcement, the directors were required to call the meeting within 21 days of notice.

However, Business News understands Mr Sanger has already signalled his intention to resign from the role.

In an email sent to his colleagues last night, obtained by Business News, Mr Sanger said it had been a privilege to lead the business.

"Many of you have heard that I will be leaving The Market Herald," Mr Sanger said in his email.

"From a small website in Perth to a multi-platform publisher around the world, we should all be proud of what we achieved.

"And the acquisition of Gumtree, Carsguide and Autotrader opens up so many opportunities for the business.

"We've built a great business and the future looks bright. Thank you all for all you have done."

The Market Herald announced on the ASX today that the company requested a voluntary suspension in the trading of the company’s securities effective immediately.

“The suspension is in relation to the company providing an update on financing initiatives as set out in the trading halt dated November 30, 2022,” it said.

“The lodgement of the announcement re the update on financing will lift the suspension.”

According to the announcement, The Market Herald anticipates to make an announcement about the financing by Tuesday morning.

In August, the Perth-based owner of investor forum HotCopper acquired classifieds brands Gumtree Australia, Autotrader and Carsguide in a $87 million deal.