2nd Jul 2009 14:36
Sale of Partial Holding in Jagran Prakashan Limited
Dublin/London - 2nd July 2009: Independent News & Media PLC ("INM" or "the Company") announces that it has sold 22 million ordinary shares in Jagran Prakashan Limited ("JPL") on the Bombay and National Stock Exchanges in India.
This sale represents approximately 7.3% of the issued share capital of JPL and reduces INM's holding in JPL to 13.5% (previously 20.8%). Having originally invested €28.5 million to acquire its stake in 2005, following this share sale, INM's remaining holding in JPL is worth c. €42 million at current market price.
The gross proceeds from this share sale is approximately €22 million, which will be used to pay down debt and enhance the liquidity of the Company during the ongoing Standstill period including the repayment in full of the amount drawn down on the €15 million new working capital facility provided by the Group's banks as part of the Standstill Agreement.
The Company is happy to confirm that it intends to remain a long-term investor in JPL and will not be disposing of any further shares. As a significant and long-standing shareholder in JPL, INM is very pleased with its remaining exposure to the fast-growing Indian newspaper market and looks forward to continuing to work with JPL and the Gupta family in successfully expanding its business interests across India.
ENDS 2nd July 2009
For further information, please contact:
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Gavin O'Reilly Dónal Buggy |
Chief Executive Officer Chief Financial Officer |
+353 1 466 3200 +353 1 466 3200 |
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Media Pat Walsh Murray Consultants (Dublin) Tel: +353 1 498 0300 |
Paul Durman/Keith Brookbank Powerscourt (London) Tel: +44 20 7250 1446 |
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Investors and Analysts Mark Kenny/ Jonathan Neilan K Capital Source (Dublin) Tel: +353 1 631 5500 Email: [email protected] |
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ABOUT JAGRAN PRAKASHAN LIMITED
Jagran Prakashan Limited is a leading media house of India which publishes Dainik Jagran, India's largest read daily with a total readership of 54.58 million readers (IRS 2009 R1). It was also voted the most credible and trusted newspaper in India, according to a survey by Globscan, conducted in 10 of the world's leading countries, including the US, UK, Germany and Russia.
Established in 1942, Dainik Jagran was the brainchild of the Indian Freedom fighter, Late Shri Puran Chandra Gupta. Dainik Jagran is now published in 37 editions across 11 states from 30 different facilities. The company also launched I-next, the first ever bilingual newspaper in the country in December, 2006 now published in 9 editions and also has an English Infotainment paper called City Plus now published in 13 editions. The group publishes Sakhi, a monthly magazine targeted at women. The group also publishes Jagran Varshiki, an annual general knowledge digest, and various national and state statistical compilations.
Jagran Engage provides specialized 'Out of Home' advertising services with a Pan-India footprint. Jagran Solutions provides below the line activities like promotional marketing, event management and on ground activities having pan India presence. The company has Hindi news portal in association with Yahoo India, www.in.jagran.yahoo.com and the company's division J9 provides IVR/AVR/SMS services through its short code service 57272 and besides initiatives in digital businesses.
ABOUT INDEPENDENT NEWS & MEDIA PLC
- CORPORATE PROFILE -
INM is a leading international newspaper and communications group, with its main interests in Australia, India, Ireland, New Zealand, South Africa and the United Kingdom. Spanning four continents, 10 major markets and 22 individual countries, INM has market-leading newspaper positions in Australia (regional), India, Indonesia, Ireland, New Zealand and South Africa. In the United Kingdom, it publishes the flagship national title, The Independent, as well as being the largest newspaper group in Northern Ireland.
Across these regions, the Group publishes over 200 newspaper and magazine titles, delivering a combined weekly circulation of 32 million copies, with a weekly audience of over 100 million consumers and includes the world's largest read newspaper, Dainik Jagran, in India. The Group has established a strong and growing online presence, with over 100 editorial, classified and transactional sites.
INM is the largest radio operator - over 130 stations and an audience of almost six million people - and outdoor advertising operator in Australasia and also has leading outdoor advertising positions in Hong Kong, Malaysia, India, Indonesia and across Africa.
The Group has grown consistently over the last 15 years by building a geographically unique and diverse portfolio of market-leading brands, and today manages gross assets of €2.1 billion, revenue of €1.6 billion and employs approximately 9,600 people worldwide. Further information is available on the Group's website www.inmplc.com.
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