INM to hold shareholder meeting on May 18

SHAREHOLDERS at Independent News & Media (INM) have been warned it risks “incurring material costs” in relation to investigations by the Office of the Director of Corporate Enforcement (ODCE) and the Data Protection Commissioner.

The message came from recently appointed chairman Murdoch MacLennan in the foreword to the company’s annual report. The chairman also said that, in light of the uncertainty introduced by the ODCE’s application to appoint inspectors to investigate the affairs of the company, the board has opted not to proceed with a planned capital reduction proposal. That long-planned move would have cleared the way for a resumption of dividend payments to shareholders.

The State’s corporate watchdog is seeking the appointment of inspectors with wide-ranging powers to examine the affairs of INM, and the case is currently before the High Court. On Monday, lawyers for INM – which publishes the ‘Irish Independent’ – were granted a judicial review of the ODCE action. In the meantime, the annual report notes that INM’s annual general meeting (AGM) will be held on May 18, in Dublin.

That will be the first opportunity for shareholders to publicly question the board about the ODCE case.

In a letter announcing details of the AGM, the chairman said it will include votes to re-elect INM chief executive Michael Doorly, who took up the post in October, as a director along with non-executive directors Terry Buckley, Paul Connolly, Triona Mullane and Len O’Hagan.

Mr Buckley had informed the board of his intention to stand down after six years as a director, but has agreed to stand for re-election while the board seeks a replacement, the letter said. Four new directors, including Mr MacLennan, who were elected at an extraordinary general meeting in March, are not up for re-election.