INM shareholders reject resolutions at EGM

Shareholders at Independent News and Media have overwhelmingly rejected two resolutions which would have seen major change at the top of the company.

Businessman Denis O'Brien, who has just more than 26% of the shares, was seeking support for the immediate removal of the chairman Dr Brian Hillery as well as the appointment of a senior independent director to replace Baroness Margaret Jay.

It comes as the company secured more time to agree a restructuring plan for its debts which total more than €1bn.

The resolutions were defeated by a margin of almost two to one with today's extraordinary general meeting lasting less than 20 minutes.

Independent News and Media Chief Executive Gavin O'Reilly says he is very pleased with the decision.

"It'll just confirm for all our creditors that the company restructuring that has been announced to the market broadly....if today's vote could be reflective of the support of management on the board I think that it'd be reflective of the support of the company restructuring," he said.