Business Irish

Thursday 21 September 2017

UTV board still not finalised

Peter Flanagan

Peter Flanagan

MEDIA group UTV has still not made a final decision on who will replace three board members who resigned earlier this year after a boardroom bust up.

The owner of radio stations Q102 and FM104 said it has still to decide who will replace John McGuckian, Shane Reihill and Kevin Lagan, who all quit the board in February after Mr McGuckian was voted out as chairman amid concerns about his independence.

At that time, the company said it planned to have replacement directors lined up by its AGM on May 17.

It's thought the board will be questioned about their decision to vote out Mr McGuckian and the subsequent changes to the board at next week's meeting.

Meanwhile, the group said it has secured new bank facilities of nearly €100m.

The facilities comprise a £65m (€81m) revolving credit facility, and a €25m term loan facility (TLF). The TLF has bi-annual repayments of €2.5m in June and December. Bank of Ireland, Ulster Bank and Northern Bank are providing the financing.

Most of the proceeds will be used to refinance the debt on existing facilities which were due to mature in June 2013.

Irish Independent

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