TIDMINM
RNS Number : 4355B
Independent News & Media PLC
27 October 2009
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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 | Rory Godson/ Paul | Investors and Analysts |
| Pat Walsh | Durman | Mark Kenny/ Jonathan |
| Murray Consultants | Powerscourt (London) | Neilan |
| (Dublin) | Tel: +44 20 7250 1446 | FD K Capital Source |
| Tel: +353 1 498 0300 | | (Dublin) |
| | | Tel: +353 1 663 3680 |
+----------------------+-----------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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