INM shareholders due to vote next month on plans to raise €40m

Independent News & Media shareholders will vote next month on the group’s plans to raise more than €40m via a share placement.

If successful, the plan will mark the final part of a multifaceted financial restructuring move which will lower the group’s debt from nearly €440m to €118m.

Earlier this week, INM said it would raise the additional cash by way of a share placing with existing and new shareholders rather than via a rights issue, which was its original preference.