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Leadership
INM shareholders give go-ahead for restructuring
26.11.2009
Independent News & Media’s (INM) restructuring plan has received the go-ahead from shareholders at an extraordinary general meeting (EGM) in London today.
Shareholders voted in favour of a resolution that would allow INM to go ahead with a rights issue central to its restructuring. They also approved a proposal to increase the share capital of the company and to give INM’s directors the authority to allot shares.
INM shareholders also voted by some 99.94pc to permit the sale of INM’s South African division, INM Outdoor, for some €98m.
INM said the sale of INM Outdoor is expected to be completed by the middle of next month, with proceeds from the sale being used to pay down senior debt.
“We are pleased to announce the approval of all of the resolutions relating to our restructuring plan which can now proceed to final completion,” said INM's group chief executive Gavin O'Reilly (pictured).
“We would like to recognise the support of our shareholders, banks and bondholders throughout the past year, which has been an unusually challenging period for INM and for the publishing industry as a whole.
“I also want to especially thank my fellow colleagues in the group for their ongoing efforts to ensure the viability and vitality of the group. These certainly have been difficult times and they have continued to produce great product with their usual flair and diligence, despite the distractions,” O’Reilly said.
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