Independent News & Media shareholders have approved the sale of the company's South African unit, INM Outdoor at an extraordinary general meeting in Dublin today.
Shareholders also approved a resolution to proceed with a rights issue at a second EGM held in Dublin today. Independent News & Media said that all of the resolutions relating to its restructuring plan have now been approved.
A total of 99.94% of shareholders voted in favour of selling off the INM outdoor unit for about €98m. The company said the disposal is expected to be completed by the middle of next month. The proceeds of the sale will be used to pay down senior debt, the firm added.
Shareholders also voted to increase the share capital of the company and to proceed with INM's proposed rights issue by 83.48%.
'We are pleased to announce the approval of all of the resolutions relating to our restructuring plan which can now proceed to final completion,' commented INM's group chief executive Gavin O'Reilly.
'These certainty have been difficult times and they have continued to produce great product with their usual flair and diligence, despite the distractions,' he added.
He said that the restructuring provides INM with a capital structure which will enable us to deliver performance and growth.
Independent News & Media also said today that Lothar Lanz has been appointed to the board as a non-executive director with immediate effect.
Mr Lanz (61) is the Chief Financial Officer and Chief Operating Officer of Axel Springer, Germany's largest newspaper company.
Non-executive director Kenneth Clarke will retire from the board on December 31.
