28th Mar 2008 09:05
Independent News & Media PLC28 March 2008 INM completes acquisition of Clear Channel's African Outdoor Interests Ticker: (Bloomberg) INM ID/ INM LN and (Reuters) INME.I/ INME.L Dublin/ London, 28th March 2008: Independent News & Media ('INM') todayannounced that all the South African Regulatory approvals for INM's acquisitionof Clear Channel Outdoor's ('CCO') 50% interest in Clear Channel Independent('CCI') - Africa's largest outdoor advertising company, based in Johannesburg,South Africa have been received and the acquisition has been finalised. The consideration for this acquisition is being satisfied by the issue of 39million ordinary shares in INM and an application has been made to both theIrish and London Stock Exchange for these shares to be admitted to trading. Ends 28th March 2008 Note Regarding Forward-Looking Statements Some statements in this announcement are forward-looking. They represent ourexpectations for our business, and involve risks and uncertainties. We havebased these forward-looking statements on our current expectations andprojections about future events. We believe that our expectations andassumptions with respect to these forward-looking statements are reasonable.However, because they involve known and unknown risks, uncertainties and otherfactors, which are in some cases beyond our control, our actual results orperformance, may differ materially from those expressed or implied by suchforward-looking statements. These forward-looking statements speak only as ofthe date of this document and no obligation is undertaken, save as required bylaw or by the Listing Rules of the Irish Stock Exchange and/or the UK ListingAuthority to reflect new information, future events or otherwise. FOR FURTHER INFORMATION, PLEASE CONTACT: Gavin O'Reilly Chief Operating Officer +353 1 466 3200 Donal Buggy Chief Financial Officer +353 1 466 3200 +------------------------------------------------------------------------------+|MEDIA |+--------------------------+------------------------+--------------------------+|Pat Walsh |Rory Godson |Paul Keary |+--------------------------+------------------------+--------------------------+|Murray Consultants |Powerscourt Media |Financial Dynamics (New ||(Dublin) |(London) |York) |+--------------------------+------------------------+--------------------------+|Tel: +353 1 498 0300 |Tel: +44 207 250 1446 |Tel: +1 212 850 5600 |+--------------------------+------------------------+--------------------------+|INVESTORS AND ANALYSTS | | |+--------------------------+------------------------+--------------------------+| | | |+--------------------------+------------------------+--------------------------+|Mark Kenny/ Jonathan | | ||Neilan | | |+--------------------------+------------------------+--------------------------+|K Capital Source (Dublin) | | || | | |+--------------------------+------------------------+--------------------------+|Tel: +353 1 631 5500 | | |+--------------------------+------------------------+--------------------------+|Email: | | ||[email protected] | | |+--------------------------+------------------------+--------------------------+ Independent News & Media PLC ('INM') is a leading international newspaper andcommunications group, with its main interests in Australia, India, Ireland, NewZealand, South Africa and the United Kingdom. Spanning four continents, 10 majormarkets and 21 individual countries, INM has market-leading newspaper positionsin Australia (regional), India, Ireland, New Zealand and South Africa. In theUnited Kingdom, it publishes the flagship national title, The Independent, aswell as being the largest newspaper group in Northern Ireland. Across these regions, the Group publishes over 180 newspaper and magazinetitles, delivering a combined weekly circulation of over 31 million copies witha weekly audience of over 100 million consumers and includes the world's largestread newspaper, Dainik Jagran, in India. The Group has established a strong andgrowing online presence, with over 100 editorial and classified sites. INM is the largest radio operator - over 130 stations and an audience of almostsix million people - and outdoor advertising operator in Africa and Australasiaand also has leading outdoor advertising positions in Hong Kong, Malaysia,India, Indonesia. The Group has grown consistently over the last 15 years by building ageographically unique and diverse portfolio of market leading brands, and todaymanages gross assets of €4.1 billion and revenues of €1.8 billion. Further information is available on the Group's website www.inmplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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