INM shareholders approve sale of South Africa assets, rights issue to go ahead
Published 17/06/2013 | 10:30
Independent News & Media held a shareholder meeting this morning to discuss the restructuring of the company's debts.
All motions were passed during the brief meeting, clearing the way for the company to sell its South African unit and issue new shares.
The few shareholders who spoke at today's meeting congratulated chairman Leslie Buckley and the rest of the board for reaching a deal with banks that will reduce the company's core debt by €350m to €118m.
The deal involves the sale of the South African unit, the sale of new shares in a rights issue, cost saving measures including redundancies and an agreement to reduce payments from the company's pension scheme.