O’Brien demands INM restructuring

DISGRUNTLED Independent News & Media (INM) shareholder Denis O’Brien wants the company’s board to outline a full restructuring plan to shareholders at an extraordinary general meeting of the company.

However, INM chief executive Gavin O’Reilly has dismissed Mr O’Brien’s latest tactic as seeking to reverse the authority of the company’s board. Mr O’Brien, the company’s second biggest shareholder after Tony O’Reilly, yesterday added this latest demand to his proposed EGM agenda.

In a statement issued after the markets closed, Mr O’Brien said it seemed the board of INM is considering refinancing proposals which would be highly dilutive and would not serve shareholders’ best interests.