Sunday 27 May 2018

INM could face 'incurring material costs' in relation to ODCE and DPC investigations

Independent House, Talbot Street, Dublin
Independent House, Talbot Street, Dublin

Donal O’Donovan

Independent News & Media (INM) faces the prospect of “incurring material costs” in relation to investigations by the Office of the Director of Corporate Enforcement (ODCE) and the Data Protection Commissioner investigations, the newly installed chairman Murdoch MacLennan has warned in the foreword to the company’s annual report.

The new chairman also said that, in light of the uncertainty introduced by the ODCE’s application to appoint inspectors to investigate the affairs of the company, the board has opted not to proceed with a planned capital reduction proposal.

That long planned move would have cleared the way for a resumption of dividend payments to shareholders.

The report notes that INM’s 2018 annual general meeting (AGM) will be held at 11am on May 18 in the Westbury Hotel, in Dublin.

The annual report also confirms that former INM chief executive Robert Pitt received a severance payment of €1.5m which included a payment of €239,950 in lieu of notice.

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