25 Apr 2012 18:28
LEGAL PROCEEDINGS
Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L
25 April 2012, Dublin/London: Independent News & Media PLC ("INM" and/ or the "Company") announces that legal proceedings in the High Court of Ireland have today been initiated by Mr. Paul Connolly, a Director of INM.
In these proceedings, Mr. Connolly is seeking, amongst other things, a declaration that the payment made to outgoing Chief Executive Officer, Mr. Gavin O'Reilly, pursuant to the Compromise Agreement with the Company (as approved by the Board and announced on 19 April 2012) required the prior approval of shareholders and was consequently unlawful.
The Company and the Board received legal advice to the effect that the Compromise Agreement and the payment made did not require shareholder approval. The Company regrets that Mr. Connolly, a Director, has initiated this action. The Company will vigorously defend these proceedings.
- ENDS -
Karl Brophy
Director Corporate Affairs
Independent News & Media PLC
+353 86 047 195