Independent News & Media Regulatory News (INM)

Independent News & Media PLC ("INM" or "the Company")

Publication and Filing of Shareholder Circular and Notice of Extraordinary General Meeting in respect of disposal of the INM Group's remaining shareholding in APN News & Media Limited

Dublin/London 2 April, 2015: Independent News & Media PLC (INM ID, INM LN) today confirms that it has issued to shareholders a circular and notice ("Circular") convening an extraordinary general meeting of the Company for the purposes of considering the disposal of the Group's remaining shareholding in APN News & Media Limited ("APN") (as announced on 19 March, 2015).

Tranche 1 of the disposal, comprising 86,682,073 APN Shares at a price of AUD$0.88 per APN Share and realising gross proceeds of AUD$76.3 million (approximately €54.5 million), has completed on 24 March, 2015, with the net proceeds of AUD$74.9 million (approximately €53.6 million) having been applied to repay indebtedness, and together with a further scheduled debt repayment of €2.5 million on 31 March, 2015, reducing the total outstanding borrowings of the INM Group to €59.4 million.

Tranche 2 of the disposal, comprising 104,859,000 APN Shares at a price of AUD$0.88 per APN Share, which would realise gross proceeds of AUD$92.3 million (approximately €65.9 million), is of such a size that its completion requires the approval of shareholders as a class 1 transaction under the Listing Rules of the Irish Stock Exchange and the UK Listing Authority. The net proceeds of Tranche 2, expected to be AUD$88.6 million (approximately €63.2 million), will also be applied to repay indebtedness, which is expected to result in all debt being repaid in full. The remaining balance will be available for general corporate purposes.

The Extraordinary General Meeting will be held at 10.00 a.m. on 23 April, 2015 at The Spencer Hotel Dublin, Excise Walk, IFSC, Dublin 1, Ireland.

A copy of the Circular has been submitted to the Irish Stock Exchange and the UK's National Storage Mechanism, and will shortly be available for inspection as follows:

Company Announcements Office,

Irish Stock Exchange,

28 Anglesea Street,

Dublin 2,

Ireland.

Tel: + 353 1 6174200

and

http://www.hemscott.com/nsm.doc

Note: The exchange rate used in this announcement is €: AUD$ of 1.40, which is the actual exchange rate arising on receipt of Tranche 1 proceeds and the assumed exchange rate for Tranche 2 proceeds. Currently, approximately 50% of the Tranche 2 proceeds are hedged at an exchange rate of €1: AUD$1.40.  In the Company's announcement dated 19 March 2015, the total gross proceeds of the Sale were stated to be €121.3m, based on an exchange rate of €1: AUD$1.3901 prevailing on 18 March 2015.

ENDS