Independent News & Media resolutions get the go ahead

Posted by Helena Humphrey on November 27, 2009 at 4:34 PM

Independent News & Media will complete proposed restructuring plans having secured the support of a shareholder, the Guardian reported.

Investors at a meeting in Dublin yesterday gave the go ahead to all resolutions, including INM's rights issue under which shareholders can buy 59 shares at 5 cents each for every 50 they already own, in order to raise funds to complete the repayment of a €200m bond. The group's chief executive, Gavin O'Reilly, said: "We are pleased to announce the approval of all of the resolutions relating to our restructuring plan which can now proceed to final completion."

Other resolutions that received the green light include a resolution to sell the company's South African advertising business, with an overwhelming 99.94% of shareholders voting in favour of selling the INM outdoor unit for a further €98m.

Various staff changes were also announced including the addition of Axel Springer's finance director Lothar Lanz as a non-executive director. Shadow business secretary Kenneth Clarke announced his retirement.

Source: The Guardian