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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Independent News & Media Plc | LSE:INM | London | Ordinary Share | IE00B59HWB19 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0919 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMINM
RNS Number : 7969O
Independent News & Media PLC
10 November 2016
INDEPENDENT NEWS AND MEDIA PLC
Proposed Capital Reduction,
Cancellation of Authorised Deferred Shares
and
Notice of Extraordinary General Meeting
Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L
Dublin/London, 10 November 2016: Independent News & Media PLC ("INM" or the "Company") is pleased to announce the proposed restructuring of its balance sheet, by way of a capital reduction ("Capital Reduction") and cancellation of authorised Deferred Shares.
The proposals are subject to the passing of two special resolutions by Shareholders at an extraordinary general meeting of the Company, to be held at the O'Callaghan Alexander Hotel, 41 - 47 Fenian Street, Dublin 2, Ireland at 2.00 p.m. on 5 December, 2016 (the "EGM").
If approved by Shareholders, and subsequently confirmed by the High Court, the Capital Reduction will result in the cancellation or partial cancellation of certain reserve balances of the Company and will eliminate the existing deficit on the Company's profit and loss account, providing the Company with a strengthened balance sheet and solid financial foundation for its future.
As there are no longer any Deferred Shares in issue, the Board also proposes to take the opportunity to remove from the Constitution all references to Deferred Shares and to reduce the authorised (but unissued) share capital of the Company by cancelling the now obsolete class of Deferred Shares.
The Circular (including the notice of EGM) will be shortly available on the Company's website, http://www.inmplc.com/investor-relations/.
Copies of the Circular (including the notice of EGM) have been submitted to the Irish Stock Exchange and the National Storage Mechanism (http://www.hemscott.com/nsm.do) from where it may also be obtained.
Capitalised terms used but not otherwise defined in this announcement will have the same meanings given to them within the Circular.
For further information, contact:
Media Investors & Analysts Nigel Heneghan Robert Pitt Heneghan PR Group Chief Executive + 353 1 660 7395 (office) Officer + 353 86 258 7206 (mobile) Independent News & Media nigel@hpr.ie PLC +353 1 466 3200 robert.pitt@inmplc.com Ryan Preston Group Chief Financial Officer Independent News & Media PLC +353 1 466 3200 ryan.preston@inmplc.com
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBRBDBXDGBGLC
(END) Dow Jones Newswires
November 10, 2016 02:00 ET (07:00 GMT)
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