26 Mar 2018 07:00
INDEPENDENT NEWS & MEDIA PLC
Statement regarding an application for appointment of inspectors to Independent News & Media plc by the Office of the Director of Corporate Enforcement
24 March 2018: Independent News & Media plc ("INM" or the "Company") advises that, on 23 March 2018, the Company received notice from the Director of Corporate Enforcement (the "Director") of his intention to apply to the High Court of Ireland under section 748 of the Companies Act 2014 for the appointment of inspectors (the "Appointment") to investigate the affairs of the Company.
The Company has been informed that the Director will make an application to the Court for the Appointment on 16 April 2018. Under section 748 of the Companies Act 2014, the Court may appoint an inspector to investigate the affairs of a company, and to report on those affairs to the Court, if the Court is satisfied that there are circumstances suggesting that the affairs of the Company have been conducted in an unlawful manner or on certain other specified grounds.
The Board of INM is taking legal advice as to whether the Court would have sufficient grounds to make the Appointment.
The Board and the Company's management remain fully focused on the business and ensuring that the day-to-day operations are conducted as normal. However, the Appointment, if made, could result in the Company incurring material costs.
Further announcements will be made in due course, as appropriate.
For further information, contact:
Media
Brian Bell
Wilson Hartnell
+ 353 1 669 0030 (office)
+ 353 87 243 6130 (mobile)
Brian.bell@ogilvy.com
This announcement contains inside information for the purposes of EU Regulation 596/2014 (the "Market Abuse Regulation").