Toast of Perth’s A-list loses its sparkle as job provider APM struggles

More than $2 billion has been wiped from APM Human Services International’s value since its listing.

APM founder and executive chair Megan Wynne. Picture: Colin Murty

The Leeuwin Estate Art Series chardonnay and French champagne was flowing freely back in November 2021 when Perth’s A-list converged at Steve’s Hotel in the wealthy riverfront suburb of Nedlands to celebrate the ASX listing of APM Human Services International.

The company’s $3.2bn IPO had made founder Megan Wynne a billionaire, and many of Perth’s deep-pocketed elite had followed her into the stock in the hope of sharing in the spoils. The disability employment services provider would go on to attract some of Perth’s biggest names as directors and advisers, including none other than former WA premier Mark McGowan.

Just over two years later, the excitement that was in the air that night at Steve’s has been replaced by dread as the APM share price goes into free fall.

The stock plunged by more than 40 per cent on Thursday as the market reacted to the news that its first-half profit would be far less than previously expected. Shares that had listed at $3.55 apiece in 2021 are now trading at a record low of just 78.5c each.

More than $2bn has now been wiped from the value of APM since its listing. The bulk of that has been worn by Ms Wynne and her high-profile IVF pioneer husband Bruce Bellinge – who himself is the managing director of Concept Fertility Centre and Concept Day Hospital – and private equity group Madison Dearborn Partners, who both hold more than 30 per cent.

It has also taken a dent out of the fortune of APM chief executive Michael Anghie, who despite selling almost $41m of shares in the IPO continues to hold more than 22 million shares. Anghie was a prolific networker during his time leading the Perth office of consultancy EY, and is married to architect and City of Perth deputy mayor Sandy Anghie (Ms Anghie ran an ultimately unsuccessful campaign last year to dethrone incumbent mayor and potential Liberal leader-in-waiting Basil Zempilas).

Michael and Sandy Anghie. Picture: Alf Sorbello

The stock was also heavily backed by Wyllie Group, the family office chaired by prominent Perth socialite Rhonda Wyllie. The group still holds 3.2 million shares in the company according to APM’s most recent annual report, putting it among the top 20 biggest shareholders.

Also in the top 20 was Steven Fewster, APM’s recently departed chief financial officer and the husband of Seven West Media WA managing director Maryna Fewster.

Former Fortescue Metals Group managing director Nev Power has been on the board of APM since its listing, while he was joined in 2022 by former WA treasurer Ben Wyatt.

Less than four months ago, Mr McGowan was appointed to APM’s advisory board.

Former WA premier Mark McGowan. Picture: NCA NewsWire / James Gourley

APM’s woes stem in part from the ongoing low unemployment levels in both Australia and other key international markets, which has reduced the uptake of its job assistance programs.

WA deputy premier Rita Saffioti – who picked up Mr Wyatt’s old treasurer’s role after McGowan stood down last year – was asked about the turmoil at APM on Thursday.

She said that while she was not aware of all of the company’s challenges, there was no doubt that there was a very strong jobs market in the west.

“We have a very strong economy, which does have effects throughout the state and of course we’ve seen that through labour shortages more generally,” Ms Saffioti said.

Analysts at investment bank UBS were among those to finally lose patience with APM on Thursday, with analyst Tim Plumbe formally downgrading the stock from “buy” to “neutral”.