27th Oct 2009 11:54
RiskMetrics Recommends Shareholders
Vote AGAINST Resolution at Second EGM
Leading Proxy Advisor Supports
INM's Recommendation to Shareholders
Dublin/London - 27 October, 2009: Independent News & Media PLC ("INM" or the "Company") today announces that RiskMetrics Group, the world's leading independent proxy advisory firm, recommends that shareholders vote in line with INM's recommendation and AGAINST the resolution being put to the Extraordinary General Meeting (EGM) on Friday, 13 November, 2009.
EGM Resolution
The resolution being put to shareholders at the EGM, together with INM's voting recommendations, is set out below:
"That the Ordinary Resolution adopted by the members on 12 June, 2009 empowering the Directors to allot and issue relevant securities for the purposes of Section 20 of the Companies (Amendment) Act 1983, be and it is hereby revoked."
The existing authority of the Board to issue shares was granted by INM's Shareholders at the Company's Annual General Meeting in June 2009. The resolution to grant the authority was unanimously proposed and recommended for approval by the Company's 10 Directors. The resolution was passed by INM shareholders, at the AGM, and the proxies received were 99.83% in support of the resolution.
The authority to allot and issue securities forms part of the Group's financial restructuring as outlined in the Circular sent to shareholders on 6 October, 2009. The Board is committed to its restructuring plans and intends to utilise the existing share issue authority to implement the restructuring (further details of which are set out in the Circular).
The Board believes that the Resolution is not in the best interests of the Company and its Shareholders as a whole and recommends Shareholders to vote AGAINST the Resolution.
Full details of the resolution and INM's recommendation is set out in the Notice of Meeting posted to all shareholders and which is also available on the INM website www.inmplc.com
For further information, please contact:
|
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 3680 |
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Independent News & Media