Independent News & Media (INM) has today convened an extraordinary general meeting for 11am on November 3.
This follows receipt of a valid requisition notice from Merrion Stockbrokers on behalf of Denis O’Brien.
Two resolutions - relating to the chairman and senior independent director respectively - are being put forward to shareholders. A third, regarding INM Outdoor, will be the subject of a separate, dedicated EGM in accordance with the requirements of the Listing Rules of the Irish Stock Exchange and of the UK Listing Authority.
The remaining proposed resolutions are not being put forward on the basis that, even if approved, these resolutions would have no legal effect.
A circular to INM shareholders contains a formal recommendation from the board of INM that shareholders vote against the resolutions.
The three Directors nominated to the board by O’Brien, being Paul Connolly, Leslie Buckley and Lucy Gaffney, have taken a dissenting position with respect to the resolutions.
The Board’s recommendation "is informed by its resolve to secure a consensual deal in respect of its ongoing refinancing negotiations, which the board believes to be in the best interest of all shareholders and other stakeholders", according to a statement from the INM board.