Businessman Denis O'Brien says he has asked for another resolution to be voted on at an extraordinary meeting of Independent News & Media shareholders.
Mr O'Brien, the second biggest shareholder in INM, was reacting to weekend media speculation that the company was close to a deal with bondholders, and that a deal would involve new shares for lenders and a rights issue.
'It seems that the Board of INM is considering refinancing proposals which would be highly dilutive and would not serve shareholders' best interests. his statement said.
Mr O'Brien said the board of INM should not take any action which would dilute shareholders until it had first presented them with a restructuring plan. He said he would be asking the board to recommend a resolution giving shareholders the chance to vote on INM's future.
Earlier this month, Mr O'Brien called for an EGM to vote on a number of resolutions, including the disposal of its London newspaper assets.
