Independent News & Media PLC Proposed Balance Sheet Restructuring (7969O)

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

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(END) Dow Jones Newswires

November 10, 2016 02:00 ET (07:00 GMT)

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