4 Sep 2018 18:09
INDEPENDENT NEWS AND MEDIA PLC -
UPDATE ON ODCE'S APPLICATION FOR THE APPOINTMENT OF
INSPECTORS TO THE COMPANY
Dublin/London, 4 September 2018: The High Court of Ireland has today indicated its intention to make an order appointing Mr Sean Gillane SC and Mr Richard Fleck CBE as inspectors under section 748 of the Companies Act, 2014 to inquire into and report on certain issues relating to the conduct of the affairs of the Company.
These issues include the accessing by third parties of the Company's data from 2014, the proposed acquisition in 2016 by the Company of Newstalk Radio and other matters that were the subject of disclosures made by Mr Robert Pitt, the Group's former CEO, to the Company. The inspectors would also report on whether Mr Leslie Buckley, the former Chairman of the Group, disclosed information to third parties in breach of market abuse or other applicable law and whether there have been any breaches of law arising from any of these matters and the Company's response to the disclosures made to it.
The Court has indicated its intention to make the order on Thursday, 6 September 2018 at 10.00 a.m. subject to the Company having an opportunity at that time to make submissions to the Court. The Board will consider the terms of today's decision and the action that the Company might take in the interests of the Company and its stakeholders.
The Board and the Company's management intend to remain focused on the business and ensuring that the Group's operations continue, so far as possible, to be conducted as normal.
For further information, contact:
MEDIA
Peter O'Brien
Wilson Hartnell
+353 87 811 4637
peter.o'brien@ogilvy.com