INM appoints Davy to advise on €40m capital raise
INM has appointed Davy Stockbrokers to advise on its €40m capital raise, which is expected to be completed by the end of the year, writes Business Editor Nick Webb.
Last week, INM announced further progress on its restructuring programme, following the sale of its South African operations. The restructuring of the pension scheme is also under way, leaving the €40m capital raise as the final prong of the strategy to cut debt.
Interim results showed that strong cost reductions had more than offset revenue declines, leaving the group well positioned for any uptick in demand. INM also said that there had been a "notable improvement" in advertising trends in July and August, but visibility remains short.
INM has ramped up its online presence as it moves to command the fast-growing digital media space.