10th Nov 2009 17:43
Independent News & Media PLC
Results of Bondholder Meeting
Dublin/London - 10th November, 2009: Independent News & Media PLC ("INM" or "the Company") announces that the Extraordinary Resolution relating to the Restructuring considered at the Bondholder Meeting held in London today has been duly approved.
The required quorum for the Bondholder Meeting of two thirds of the outstanding principal amount of the Bonds was satisfied with 89.85% of the outstanding principal amount of the Bonds having been voted. The required approval threshold for the Extraordinary Resolution of at least 75% by value of the aggregate principal amount of Bonds voted at the Bondholder Meeting (in person or by proxy) has also been satisfied with 99.72% of the Bonds voted voting in favour of the Extraordinary Resolution.
Subject, to satisfaction of the other conditions listed in the Extraordinary Resolution, it is now expected that the first step in the implementation of the Restructuring, being the issue and allotment of 723,200,000 new Ordinary Shares at €0.17 per share as consideration for outstanding principal and accrued but unpaid interest on the Bonds equal to €122.9 million (the First Equity Issue) will occur over the coming days.
Further announcements in relation to the Restructuring will be made in due course.
INM welcomes this essential endorsement of the Restructuring and anticipates that the Restructuring will now be completed on schedule and prior to the year end, thereby affording the Company a secure and stable foundation, with a significantly reduced debt profile, from which to leverage the INM Group's businesses and key strengths across its global portfolio of leading media assets.
Defined terms used in this announcement have the same meaning as in the circular to Shareholders issued by the Company dated 3 November, 2009. The outstanding principal of the Bonds is €198 million following the cancellation by INM on 9 November, 2009 of €2 million principal previously held by INM.
For further information, please contact:
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Independent News & Media PLC Gavin O'Reilly Chief Executive Officer Donal Buggy Chief Financial Officer Tel: + 353 1 466 3200 |
Davy Hugh McCutcheon Eugenée Mulhern Tel: + 353 1 679 6366 |
North Sea Partners Michael Brennan Brian McKeon Tel: +1 212 901 1509 |
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Media Pat Walsh Murray Consultants (Dublin) Tel: +353 1 498 0300 |
Rory Godson/ Paul Durman Powerscourt (London) Tel: +44 20 7250 1446 |
Investors and Analysts Mark Kenny/ Jonathan Neilan FD K Capital Source (Dublin) Tel: +353 1 663 3686
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