Independent News & Media denies planning shareholder disclosure overhaul |
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Thu, 31 May 2007 17:04
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LONDON (Thomson Financial) - Newspaper group Independent News & Media PLC has denied that it has moved to fortify its defences against a possible bid by Irish businessman Denis O'Brien.A report in the Irish Times earlier today said the Irish-based group, which owns the Independent titles in Ireland and the UK, had proposed sweeping changes to its internal rules on disclosure of beneficial interests in the business.The newspaper claimed that, subject to the approval of an extraordinary general meeting scheduled for June 13, INM investors would be obliged to inform the group within 14 days of reaching a shareholding threshold of 0.25 pct of its issued capital or any multiple of that stake.The paper said the group's directors would have the right to restrict payment of dividends and voting rights on shares if an investor does not comply with a request for information on the beneficial ownership of shares.But in a statement INM denied its proposal would require shareholders in INM with an interest above 0.25 pct to notify the company.'The notification threshold for Irish incorporated listed public companies specified in ... the Companies Act 1990, starting at 5 pct, applies equally to shareholders in INM without modification,' INM said.'There is no lower threshold being proposed.'INM said its proposals would allow it to impose certain restrictions -- including potentially withholding of dividends and voting and attendance rights at general meeting -- 'only in the case of very limited circumstances,' such as the failure of a shareholder to respond to a request for disclosure of the beneficial owner of shares.tf.TFN-Europe_newsdesk@thomson.comnh/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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