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Friday 29 August 2014

INM reaches restructuring agreement with Pensions board

Ailish O'Hora

Published 11/09/2013 | 07:28

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INM chairman Leslie Buckley (left) with CEO Vincent Crowley before the start of the AGM
INM chairman Leslie Buckley (left) with CEO Vincent Crowley before the start of the AGM

INDEPENDENT News & Media has announced it has reached an agreement with the Pensions board over its defined benefit scheme.

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The company said today the move will achieved a reduction in the group's scheme of about €110m to about €80m.

The reduction in benefits is effective immediately.

This restructuring of the pension scheme completes the pension restructuring as outlined in the circular to shareholders dated 24 May 2013 and is a further significant step in the group’s balance sheet restructuring," the company said in a statement today.

INM recently agreed to a 5pc share plan for those transferring into the new defined benefit scheme.

And the pension agreement also paves the way for a capital raising programme of €40m which is set to reduce debt further at INM.

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