Monday 26 June 2017

INM to hold EGM next month to seek shareholder approval for restructure plan

Shareholders will be asked to vote on two proposals to facilitate the restructuring
Shareholders will be asked to vote on two proposals to facilitate the restructuring
Donal O'Donovan

Donal O'Donovan

Independent News & Media (INM) will hold an extraordinary general meeting in Dublin on December 5, to seek shareholder approval for a plan to restructure parts of the group's capital structure, the company has said.

Shareholders will be asked to vote on two proposals to facilitate the restructuring of the balance sheet:  a capital reduction and a cancellation of authorised Deferred Shares, according to a regulatory filing issued via the stock exchange this morning.

The plan is subject to shareholder support of two special resolutions that will be voted on at the meeting, which is due to take place at the O’Callaghan Alexander Hotel, Dublin, INM said.

The capital reduction is also subject to confirmation by the High Court.

It's understood the technical changes being sought won't affect the relative voting strength or economic rights of individual shareholders.

There are currently no deferred shares in issue, but, if approved, the aim of the plan is to strengthen the group balance sheet through the cancellation or partial cancellation of certain reserve balances and an existing deficit on the profit and loss account.

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