INM confident of pushing through share deal

INDEPENDENT News & Media (INM) believes it will push through a restructuring plan opposed by rebel investor Denis O’Brien even if he succeeds in revoking its directors’ right to allot shares.

The billionaire, who is the indebted media group’s second-largest shareholder, wants to block a refinancing deal backed by his arch-rival and Independent’s main investor, Anthony O’Reilly, that would see both their stakes significantly diluted.

INM, which owns radio stations and newspapers from Ireland to Australia, will hold an extraordinary general meeting (EGM) on November 13, to vote on an O’Brien resolution. That resolution seeks to overturn the authority to assign shares that was unanimously passed at INM’s annual general meeting in June.