Monday 18 December 2017

INM 'in a better place'

BOARD MEETING: INM chairman Leslie Buckley, left, with chief executive Vincent Crowley before the start of the company’s AGM in the Westbury Hotel. Photo: Frank McGrath
BOARD MEETING: INM chairman Leslie Buckley, left, with chief executive Vincent Crowley before the start of the company’s AGM in the Westbury Hotel. Photo: Frank McGrath
Nick Webb

Nick Webb

INM is "very well positioned to take off" as the Irish economic recovery picks up, chairman Leslie Buckley told shareholders last week.

Shares in INM rose over 11 per cent last week.

Shareholders voted overwhelmingly to approve measures designed to strengthen INM's balance sheet and transform Ireland's biggest media company.

"I believe we are now in a much better place than we were half a year ago," Mr Buckley added.

Investors also approved plans to give five per cent of the company's shares to staff as part of a move to restructure the pension fund.

INM's plan to raise €40m is progressing following the appointment of Davy as advisers. Resolution of the pension fund issues will be the trigger for the fundraiser.

Following these measures, INM expects debt to have fallen from €422m last year to just €118m at year-end.

This will bring key debt ratios to "comfortable" levels, according to chief executive Vincent Crowley. INM is transitioning to a digital environment, with Mr Buckley adding there is "a clear vision of our future direction".

Sunday Independent

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