INM plans to issue new ordinary shares to employee trust
Independent News & Media said it plans to issue 62.9 million new ordinary shares to an employee trust.
The shares will be issued assuming the company’s planned firm placing and placing and open offer goes ahead. The offer was approved by shareholders earlier this week.
The publisher is issuing the shares to employees as part of an agreement following changes to the defined benefit pension plan which will reduce the value of pension payments for some employees.
INM said today that there are 1,234,029,387 ordinary shares in issue excluding 5,597,077 ordinary shares in treasury.