Independent News & Media has called an extraordinary meeting of shareholders for November 3 after a call for such a meeting from shareholder Denis O'Brien.
The company said two resolutions would be put to shareholders. These are Mr O'Brien's proposals to remove Brian Hillery from his post of chairman of the group and to appoint a new senior independent director - a post currently held by Baroness Margaret Jay.
INM is recommending that shareholders vote against the recommendations, but the three directors nominated by Mr O'Brien - Paul Connolly, Leslie Buckley and Lucy Gaffney - have taken what INM calls 'a dissenting position'.
One of Mr O'Brien's other resolutions urged the group to stop the sale of its INM Outdoor business. INM said the proposed sales of this business would be the subject of a separate shareholder meeting. It said other resolutions from Mr O'Brien were not being put forward, saying that even if approved, they would have no legal effect.
These resolutions included a call for the disposal of INM's London newspaper assets. In a circular to shareholders, INM's board described the calling of the EGM as 'regrettable', coming at a time when it is involved in talks with its lenders on a debt restructuring.
INM shares ended down two cent (6%) at 28 cent in Dublin.
