ARN shares tank after Jackie O sues for $82m compensation for contract termination
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The news: Shares in ARN Media have tanked after Jacqueline Henderson, one half of the Kyle and Jackie O show, sued the radio station owner for at least $82.25 million in compensation for the cancellation of her contract.
Henderson is also seeking an additional pecuniary penalty, plus interest and costs.
The numbers: At close, shares in ARN Media had fallen 18.97% to 24 cents each and were down 42.68% in the year to date.
The context: The proceedings were filed in the federal court against ARN subsidiary Commonwealth Broadcasting Corporation which is the licence holder for KIIS 1065 Sydney and had contracted Henderson on 30 March.
Henderson argues that the termination of her contract constituted adverse action. She had previously sent a complaint letter to CBC that stated she “cannot continue to work with Mr Kyle Sandilands”, according to an ARN announcement to the exchange.
The complaint letter also made claims regarding psychosocial health and safety and bullying complaints regarding Sandilands conduct on and prior to 20 February, when the pair had an on-air dispute.
Henderson argues that the complaint letter involved :the exercise or proposal to exercise workplace rights” so terminating her contract on the basis of that letter is alleged to be a contravention of section 340 of the Fair Work Act.
ARN Media announced it was being sued for terminating his contract on 23 March.
The source: ASX
