Ousted founder accuses Market Herald executives of tanking the company
Jag Sanger, the former managing director of The Market Herald, has accused the major shareholders of the ASX-listed operator of Gumtree, HotCopper and the eponymous financial publication of “shameful” behaviour, denigrating his ousters as a “mid-level accountant” and a “yoga teacher” who have “tanked” the firm.
Mr Sanger, who has not before spoken publicly about his ouster from The Market Herald, was dumped from the Perth-headquartered publisher late last year in a boardroom coup orchestrated by David and Gavin Argyle, the father-son major shareholders of the company. Shares in The Market Herald have dropped more than 30 per cent this year, and last traded at 30¢.
Jag Sanger was a co-founder of The Market Herald. Ross Swanborough
The dispute between Mr Sanger and the Argyles has consumed The Market Herald for months, leading to an extended Takeovers Panel inquiry, which made unacceptable circumstances findings against the father-son duo. Mr Sanger joined The Market Herald in 2018 and says he is speaking now because the behaviour described by the Takeovers Panel was “shameful”.
“The current board’s position is untenable. This is a publicly listed company under the rule of law. Not a private fiefdom ruled by whim,” he told The Australian Financial Review.
The Market Herald said it “vehemently refute[s] the allegations being made by Mr Sanger in their entirety and [has] no intention of prosecuting this matter via the media”.
“The board and its leadership are united in our focus on the future of The Market Herald, which is very bright indeed,” the company said in a statement on Sunday.
Among the company’s many assets is The Market Herald, which publishes news about listed equities, as well as Gumtree, Carsguide and
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