Independent News & Media Regulatory News (INM)

6 Oct 2009 17:07

Independent News & Media PLC

Issue of Circular convening Second Requisitioned Extraordinary General Meeting

Dublin/London -6th October, 2009: Independent News & Media PLC ("INM" or "the Company") announces that it has issued a circular to Shareholders convening a second requisitioned extraordinary general meeting of the Company ("Second EGM") for 11.00 a.m. on 13th November, 2009 ("Circular"). This follows receipt of a valid requisition notice from Merrion Stockbrokers on behalf of Mr. Denis O'Brien (previously announced by INM on 15th September 2009) seeking to convene a general meeting of the Company and to consider a resolution to revoke the existing authority of the Directors to allot shares ("Resolution"). This authority was unanimously proposed and recommended for approval by the Directors (including the three representatives of Mr. O'Brien on the Board) and was duly passed at the most recent AGM in June of this year on a show of hands. An overwhelming majority of proxies received on this resolution were in favour (99.83% of the shares represented by proxies received).

Mr. O'Brien has also previously requisitioned another extraordinary general meeting and this has been convened to be held at 11.00 a.m. on 3rd November, 2009. Notice of this extraordinary general meeting was sent to Shareholders on 24th September 2009. 

Recommendation to Reject Resolution

The Circular contains a formal recommendation from the Board of INM that Shareholders vote AGAINST the Resolution. 

The three Directors nominated to the Board by Mr. Denis O'Brien, being Messrs. Paul Connolly and Leslie Buckley and Ms. Lucy Gaffney, have taken a position contrary to that of the Board with respect to the Resolution, consistent with that of the shareholder they represent. None of these three Directors are shareholders in INM.

A copy of the Circular is available for download on the Company's website: www.inmplc.com.

A copy of the Circular, which has been posted to Shareholders in INM, has also been submitted to the Irish Stock Exchange and the UK Listing Authority, and will shortly be available for inspection at the following locations:

1. Company Announcements Office,

Irish Stock Exchange,

28 Anglesea Street,

Dublin 2,

Ireland.

Tel: + 353 1 6174200

2. Financial Services Authority,

25 The North Colonnade,

Canary Wharf,

London E14 5HS,

United Kingdom.

Tel: + 44 207 066 1000.

Defined terms used in this announcement have, unless otherwise stated, the same meaning as used in the announcement by the Company dated 28th September, 2009. 

For further information, please contact: